Fannie Mae has selected eOriginal, Inc. as technology solutions provider for the agency’s electronic vault.
eOriginal will be responsible for providing a secure platform for eNotes during Fannie Mae’s eMortgage process.
“With eMortgage, lenders and borrowers get freedom from paper-based processes at the closing table, leading to a better borrower experience and increased operational efficiencies for lenders,” Fannie Mae Vice President of Customer Digital Experience Cindy McKissock said in a press release.
“We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc Version 3.0 format in 2017,” McKissock said. “This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease.”
eOriginal General Manager of Digital Mortgage Simon Moir said it’s time for all lenders to embrace the digital mortgage process.
“Fannie Mae’s commitment to electronic mortgage is further evidence that the industry is ready for a digital transformation that can improve the borrower experience and deliver operational and capital efficiencies to the lender,” Moir said.
Fannie Mae said the selection of eOriginal – and its move to cloud-based, vendor-hosted solutions – will help it accelerate deployment and greatly reduce costs.
“As Fannie Mae continues to see the accelerated adoption of eMortgages, we are investing in the digital mortgage ecosystem now to meet the needs of the industry,” Fannie Mae eMortgage Product Manager Michael Cafferky said.
“The eMortgage process supports our customers’ desires to provide a better solution to borrowers, eliminate inefficiencies in the mortgage process, and increase velocity of capital through faster delivery into the secondary market. Everyone wins with an eMortgage process,” Cafferky said.