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Enabled by Lenders, Embraced by Borrowers, Enforced by the Courts: What You Need to Know About eNotes
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ICE Mortgage TechnologyTM announced that MERSCORP Holdings, Inc., the mortgage industry’s national electronic loan registry, is expanding its capabilities to now include industry-wide, secure storage of Remote Online Notarization (RON) videos for lenders, investors, and servicers. The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON platform providers, and authorized parties during post-closing review, loan purchase as well as downstream events such as foreclosure.
eMortgage is quickly becoming the industry standard as investors, originators, and borrowers become more comfortable with, and expect, a convenient, end-to-end digital experience for mortgage transactions. Mr. Cooper has emerged as a trailblazer in the eMortgage landscape by formulating and executing a plan to meet this demand head-on. By accepting the eMortgage challenge right from the start, Mr. Cooper has claimed a top spot in the eMortgage space, and is using that advantage to grow their business at scale.
It’s no secret that the mortgage industry has been on a path towards digitization for years, and the past 12 months played a huge role in accelerating that journey. This shift towards digital solutions has been a priority for MERSCORP Holdings, Inc. (MERS) since its founding in 1995. Throughout this time, MERS has been continuously evolving and actively working to enable its Members with the right technology, tools, and resources to achieve a streamlined, paperless process.
MERSCORP Holdings announced a record number of eNote registrations on the MERS® eRegistry. From January through September 2020, MERS member institutions, including lenders and originators, registered 286,403 eNotes – more than double the total of all 2019 registrations. This rapid growth of eNotes echoes the residential lending industry’s continued drive toward greater digitization of the production process.