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The Future is Here – TMS is in the eMortgage Business

TMS is now open for business in the eMortgage market.  But what does that mean, exactly?

Although the terms eClosing, eNote, and eMortgage have become prevalent in our industry, we are still in the nascent stage of development for this new frontier in mortgage origination.  And many people are not completely clear on what the above terms actually mean.

Here are some quick definitions to help you under eMortgages:

  • eClosing: The process whereby some or all of the closing documents for a mortgage are accessed and signed electronically.
  • eNote: A digital original promissory note.
  • eMortgage: The combination of electronic closing documents and an eNote
  • MERS eRegistry: The system of record for identifying the Controller (holder) and Location (custodian) of the authoritative copy of an eNote
  • eVault: The digital repository for storage and transfer of eNotes

Over the past number of months, TMS has acquired its own eVault to receive and transfer eNotes, gained approval to deliver eNotes for mortgages it sells or securitizes with Fannie Mae, and has become fully integrated with the MERS eRegistry.  We are also approved by both Fannie Mae and MERS as a servicer and subservicer for eNotes.  Just last week, TMS purchased its first eNote via the correspondent channel, which it will deliver to Fannie Mae upon securitization.  In the coming months, TMS also intends to gain eMortgage approval from Freddie Mac, followed by Ginnie Mae when its eNote program is implemented.

Our industry is in the midst of immense technological change.  With the advent of eClosings, the spread of remote online notarization legalization, the growth in eNote utilization, and the prospects of blockchain integration – we are headed into a new era of mortgage lending.  Leveraging these new technologies will enhance the customer experience, streamline record-keeping and recordation, increase security, and decrease costs.

TMS’s entry into the eMortgage space is further testament to our commitment to being at the forefront of technological development in our industry.  In concert with our user-friendly KISS LOS and our award-winning SIME platform, our movement into eMortgages will ensure that we remain a leader in the fintech market.  And it will contribute to our efforts to grow happiness for our borrowers and business partners.  Welcome to the future of happiness.

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March 22, 2019