Freddie Approves eMortgage Vendors, Encourages More Use
December 9, 2016
To streamline the mortgage process Freddie Mac recently approved a handful of mortgage vendors that sellers/servicers can use to have promissory note documents digitally signed. The mortgage industry has been behind when it comes to utilizing technology but Freddie is hoping to expedite the process by publishing a list of pre-approved eMortgage vendors. The list highlights vendors that have met its minimum functional, legal and security review requirements for creating, signing and storing electronic promissory notes. These eNotes detail the repayment obligation of the borrower to the lender. While sellers typically don’t need special approval to use electronic documents as long as their procedures meet the GSEs’ requirements, Samuel Oliver III, vice president of transformation management for the single-family business at...