digital mortgage resources at your fingertips · 2019-12-07 · mers® eregistry mers® edelivery...
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Digital Mortgage Resources At Your Fingertips
July 24th, 2018
Call Details
DMA Webinar – Digital Mortgage Resources At Your Fingertips
July 24th, 2018
Event password: TMCDMA2018
Conference line: 240-454-0879
Meeting number: 667 488 435
*Today’s call will be recorded and made available for future playback.
Agenda
• Introduction to the Digital Mortgage Alliance• How it began
• The DMA website
• Discussion on Digital Mortgage Resources • Fannie Mae
• MERSCORP Holdings
• DocuTech
Panelists
Harry Gardner
EVP of eStrategies
Katie Paolangeli
VPof eCommerce and Industry Initiatives
Shane Hartzler
Director, eMortgage Strategy and Operations
DMA Introduction
A coalition of 22 of TMC’s Preferred Partner companies that have pledged to commit financial &
human resources towards reducing the cost & complexity of technology integrations for TMC’sLender Member companies. The group will also
collectively help educate TMC’s Lender Members on the best path towards a true Digital Mortgage solution for their companies and customers.
DMA Introduction
22 Participating Companies• LOS - LendingQB
• Integration Services – Matchbox & Ignite Integration Solutions, LBA Ware
• POS/Customer Facing – Blend, SimpleNexus, Mortgage Coach
• PPE/Life of Loan Quality Control/Assurance – LoanLogics
• GSE Validation – Fannie Mae & Freddie Mac
• Credit/Verification – Certified Credit Reporting & Credit Plus
• PPE/Hedge Advisory – Compass Analytics & Vice Capital Markets
• eDocuments – Docutech
• eClosing / eNote /eVault – MERSCORP Holdings, Inc., Notarize, Stewart
• Loan Trading – TMCDirect / Resitrader
• Social Media – SocialSurvey
• Accounting – LoanVision
• Subservicing – Dovenmuehle
• Warehouse Lending - People’s United Bank
The DMA Website
www.digitalmortgagealliance.net• What is a “Digital Mortgage”?
• Benefits for Lenders• Benefits for Consumers
• How do DMA members fit into a digital workflow
• Resources• Glossary• FAQ• Members Integrations• Help Desk• Webinars• Whitepaper and Case Study
Coming Soon
Digital Mortgage - Defined
What Exactly IS a “Digital Mortgage”?
• A mortgage process that uses automation to speed the loan process, reduce human effort, and improve borrower communications• Online application• Automated verifications (income, employment, credit, etc.)• Automated underwriting
• Typically centers around a Borrower Portal – a consistent experience for the borrower during the loan process• Some lenders create their own portals• Many use third-party solutions like Blend, Cloudvirga,
BeSmartee, Roostify, and others• Most “Digital Mortgages” today end up as PAPER closings. Digital
Mortgage does NOT necessarily include an eClosing. • This is a big misconception – most respondents surveyed at
last year’s Digital Mortgage conference thought that a digital mortgage includes electronic closings
• ABA: “The digital mortgage is more of an ideal than it is a concrete product.”
eClosing Foundational Components
Lender
Closing Package
LoanOrigination
System
BorrowerPortal
eNote
NotarizedDocs
AncillaryDocs
Investors
CountyRecorder
Title Docs
Deed of TrustSecurity InstrumentRiders
MISMO® SMART Doc®
eRecording
DocEngine
eSignatureEngine
eVault
eNotarization
WarehouseLenders
Servicers
Custodians
Title & Settlement
TitleProduction
System
Digital Mortgage Resources at Your Fingertips
• UETA (Uniform Electronic Transactions Act)
• Uniform state law template passed in 1999
• Now adopted in 48 jurisdictions (remaining states have passed their own versions)
• ESIGN (Electronic Signatures in Global and National Commerce Act)
• Federal law signed in 2000
• Created “safety net” for national implementation of eSignatures because very few
states had adopted UETA
• What both laws essentially say:
• Decision to receive documents electronically and/or sign them electronically is an
“opt-in” decision (all parties must agree to using this process)
• A document (electronic record) or a signature can be in electronic form
• If performed properly, eSignatures and electronic records are legal (i.e., they
cannot be denied enforceability solely because they are in electronic form)
• What neither law says:
• Format of the electronic record or signature to be used (“Technology Neutral”)
• Valid eSignatures include click-sign, recorded voice (“I agree”), signing pads,
and PKI digital certificates
Legal
Foundations
Digital Mortgage Resources at Your Fingertips
Definition
Translation
Paper World
• Negotiable Instrument
• Original ink-signed Note
• Possession
• Holder of the Note
• Custodian
• Endorsement and Delivery
• Chain of Endorsements
• Servicer
Electronic World
Transferable Record (“eNote”)
Authoritative Copy of eNote
Control
Controller
Location (eVault)
Transfer of Control
Audit Trail (on MERS eRegistry)
Servicing Agent
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Digital Mortgage Resources at Your Fingertips
• A national eNote registry
• Central database that identifies the current Controller (Holder) and Location
(Custodian) of the eNote
• NOT an eVault; does not store copies of the eNotes themselves
• Standardized delivery of electronic documents from one member to another
• Companies use existing interface to MERS® eRegistry – eliminate multiple B2B
custom interfaces
• Reuses MERS and MISMO standards of the MERS® eRegistry
• Required by Fannie and Freddie for delivery of eNotes
MERS® eRegistry
MERS® eDelivery
IMPORTANT:
These are separate, distinct systems from “Classic MERS” - the MERS® eRegistry identifies the Controller of an
eNote, where classic MERS handles the registration of the Mortgage or Deed of Trust in the county land records.
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
MERS® eRegistry
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and ResourcesMERS® eDelivery
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and ResourcesMERS® eNote Solutions
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
Public website: www.mersinc.org - Most recent registration count
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
Public website: www.mersinc.org - Active companies, by segment
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
Public website: www.mersinc.org - Quick facts, product Information
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
MERS® System Member site https://members.mersinc.org/
Members can access this site for• User Guides• Reference and technical documentation• Quick Reference Guides• Bulletins• MERSCORP news• MERSCORP events
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
MERS® eRegistry Integration
During the integration process, you’ll benefit from …
• An Integration Manager to lead you through the process
• Access to the MERS® eRegistry test region (also available post-integration)
• Assistance with procedures and process flows
• A dedicated liaison between you and your business partners and tech partners
Digital Mortgage Resources at Your Fingertips
MERSCORP Holdings Tools and Resources
MERSCORP Holdings eNote Subject Matter Experts
Email ecommercedept@mersinc.org
Digital Mortgage Resources at Your Fingertips
Open Forum
Questions?
Thank You For Joining Us
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