Mortgage origination involves working with various business partners. Contact your partners and find out if they’re ready to support eClosings.
Your partners may include:
Closing Agents
Document Custodian
Electronic Recording
Servicing Buyers
Warehouse Lenders
Closing Agents
Support eClosing.
Use their own eClosing system or a lender’s eClosing system.
Support electronic notarization (if you want to include eNotarized documents in the eClosing).
Are your partners ready
for eClosing?
CHECK POINT 2:
Warehouse Lenders
(For eNotes that use warehouse funds)
Confirm that Freddie Mac approved eNote warehouse lenders supports eMortgages and is on our warehouse lender list. If they’re not listed, refer them to our eMortgage team at eMortgage_Team@freddiemac.com
Sub-servicers
eMortgage Review/Approval Requirements and click the Servicer Approval tab.
Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
Servicing Buyer
eMortgage Review/Approval Requirements and click the Servicer Approval tab.
Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
Contact the eMortgage_Team@freddiemac.com to confirm that the states in your scope support eNotarization.
Electronic Notary
Visit the Property Records Industry Association web site to see if the counties in-scope support eRecording.
Electronic Recording
Confirm that your Document Custodian is listed on Freddie Mac Approved eNote Custodians. If your Document Custodian is not approved for eNote custody, have them reach out to eMortgage_Team@freddiemac.com
Document Custodian
1
Determine
Scope
2
Partner
Readiness
3
Build or Buy Systems
4
Get Operations
Ready
5
Secure Investor Approvals
You've made it.
Success!
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
Electronic Notary
Related Links
eNote Custodians
eNote Warehouse Lenders
eMortgage Review/Approval Requirements
eNote Servicers
Freddie Mac Permitted States for Remote Online Notorization
Ask your closing agents if they:
•
•
•
(For eNotes)
Ask your subservicer if they’re ready to service eMortgages through their eVault. If they are, confirm that they’re listed on our reviewed eMortgage servicers list. If they’re not listed, refer them to:
•
•
(For eNotes)
If you don’t retain servicing, ask your servicing buyer if they service eMortgages. If they do, confirm that they’re on our eMortgage (eNote) Servicers list. If they’re not listed, refer them to:
•
•
Sub-servicers
Ask your closing agents if they:
• Support eClosing.
• Use their own eClosing system or a lender’s eClosing system.
• Support electronic notarization (if you want to include eNotarized documents in the eClosing).
•
•
•
•
•
(For eNotes)
Ask your subservicer if they’re ready to service eMortgages through their eVault. If they are, confirm that they’re listed on our reviewed eMortgage servicers list. If they’re not listed, refer them to:
• eMortgage Review/Approval Requirements and click the Servicer Approval tab.
• Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
•
•
eMortgage Review/Approval Requirements and click the Servicer Approval tab.
Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
Ask your closing agents if they:
• Support eClosing.
• Use their own eClosing system or a lender’s eClosing system.
• Support electronic notarization (if you want to include
eNotarized documents in the eClosing).
Ask your closing agents if they:
• Support eClosing.
• Use their own eClosing system or a lender’s eClosing system.
• Support electronic notarization (if you want to include
eNotarized documents in the eClosing).
(For eNotes)
Ask your subservicer if they’re ready to service eMortgages through their eVault. If they are, confirm that they’re listed on our reviewed eMortgage servicers list. If they’re not listed, refer them to:
• eMortgage Review/Approval Requirements and click the Servicer Approval tab.
• Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
•
•
•
•
•
(For eNotes)
If you don’t retain servicing, ask your servicing buyer if they service eMortgages. If they do, confirm that they’re on our eMortgage (eNote) Servicers list. If they’re not listed, refer them to:
eMortgage Review/Approval Requirements and click the Servicer Approval tab.
Freddie Mac eMortgage team at eMortgage_Team@freddiemac.com.
eMortgage_Team@freddiemac.com
Replay Intro
CHECK POINT 3:
To build or to buy?
That is the question
You’ll need to build or buy the right technology and systems to help you seamlessly integrate the eClosing process into your current process.
Your platform may include:
Document Preparation Systems
eClosing System
SMART Docs
eVault System
Loan Origination System
Servicing Platform Integration
Integrate your Servicing System with an eVault to automate MERS eRegistry life-of-loan updates such as payoffs and charge offs.
Borrower signing preference (wet-ink, remote online electronic, in-person electronic, etc.).
Borrower readiness to participate in such transactions (i.e. do they have computer, internet connectivity, camera, etc), if you’re planning to offer remote online closings.
Updates to closing instructions to alert closing agents to print paper notes without “e” language, if the borrower does not consent to esign.
Logic to remove eMortgage indicator, if the borrower decides to wet-ink sign the Note or if their closing agent can’t conduct eClosings.
Electronic signature laws (ESIGN and/or the UETA, as required).
Applicable state and federal laws and regulations.
Freddie Mac requirements (Chapter 1402 of the Freddie Mac Seller/Servicer Guide and review our eMortgage System Security Best Practices).
(For eNotes)
If your eClosing scope includes eNotes, update your document preparation systems to support SMART Doc eNote creation. Contact the eMortgage_Team@freddiemac.com, if you need eNote specification.
If you use a document preparation vendor, check out our reviewed vendors list to see if they support SMART Doc eNote. If they don’t, consider partnering with one of our reviewed vendors.
You want all of your closing agents to conduct eClosings on your eClosing system to provide a consistent eClosing experience for all your borrowers.
A majority of your closing agents do not have an eClosing system already.
A majority of eClosing systems used by your closing agents do not support docs from your current doc prep vendor, and you want to retain your current doc prep vendor.
If you decide to build in-house, the Freddie Mac eClosing System Requirements and our eMortgage System Security Best Practices may help.
If you decide to use a vendor system, refer to the Freddie Mac Reviewed eMortgage Vendor List web page for available solutions.
Decide if you need to setup an eClosing system or if you can leverage your closing agents’ systems.
Narrow down the list of eClosing systems, if you determine that you need to setup your own system.
1
Determine
Scope
2
Partner
Readiness
3
Build or Buy Systems
4
Get Operations
Ready
5
Secure Investor Approvals
You've made it.
Success!
Document Preparation Systems
Ask your closing agents if they:
• Support eClosing.
• Use their own eClosing system or a lender’s eClosing system.
• Support electronic notarization (if you want to include
eNotarized documents in the eClosing).
eClosing system
You may need to build or buy an eClosing system in the following scenarios:
SMART Docs
(For eNotes)
If your eClosing scope includes eNotes, update your document preparation systems to support SMART Doc eNote creation. Contact the eMortgage_Team@freddiemac.com, if you need eNote specification.
If you use a document preparation vendor, check out our reviewed vendors list to see if they support SMART Doc eNote. If they don’t, consider partnering with one of our reviewed vendors.
eVault system
(For eNotes)
Determine if you want document custodians to store eNotes in their eVault after the loan is closed/ purchased, or if you want to build/buy your eVault system.
If you prefer a document custodian to store eNotes, check our eNote Document Custodian web page to see if they support eNote custody. If they don’t, consider partnering with one of our eNote Document Custodians.
If you prefer to set up an eVault system, build or buy one that complies with:
Electronic signature laws (ESIGN and/or the UETA, as required).
Applicable state and federal laws and regulations.
Freddie Mac requirements (Chapter 1402 of the Freddie Mac Seller/Servicer Guide and review our eMortgage Best Practices.
If you use a vendor system, visit our reviewed vendors page for lenders that provide eVault services.
Loan Origination System
(LOS) Updates
Add an eMortgage Indicator (ULDD attribute) on eNote loans.
Logic to determine which documents can be electronically signed based on loan attributes, suchas loan product and property address.
Screens/Attributes to capture:
• Borrower signing preference (wet-ink, remote online electronic, in-person electronic etc.).
• Borrower readiness to participate in such transactions (i.e. do they have computer, internet connectivity, camera etc), if you’re planning to offer remote online closings.
• Updates to closing instructions to alert closing agents to print paper notes without “e” language, if the borrower does not consent to esign.
• Logic to remove eMortgage indicator, if the borrower decides to wet-ink sign the Note or if their closing agent can’t conduct eClosings.
Servicing Platform Integration
Integrate your Servicing System with an eVault to automate MERS eRegistry life-of-loan updates such as payoffs and charge offs.
MERS eRegistry
(For eNotes)
Reach out to Sales-MERS@TheIce.com to initiate the process to become member of the MERS eRegistry and complete necessary integration steps.
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
eMortgage System Security Best Practices
Reviewed Vendor List
MERS eRegistry
(For eNotes)
Reach out to Sales-MERS@TheIce.com to initiate the process to become member of the MERS eRegistry and complete necessary integration steps.
Related Links
Ask your document prep vendor to provide the list of eClosing systems that support their docs for electronic signature. This information will help you:
•
•
You may need to build or buy an eClosing system in the following scenarios:
•
•
•
•
•
(For eNotes)
Determine if you want document custodians to store eNotes in their eVault after the loan is closed/ purchased, or if you want to build/buy your eVault system.
If you prefer a document custodian to store eNotes, check our eNote Document Custodian web page to see if they support eNote custody. If they don’t, consider partnering with one of the eNote custodians listed.
If you prefer to set up an eVault system, build or buy one that complies with:
•
•
•
If you decide to use a vendor system, visit our reviewed vendors page for vendors that provide eVault services.
(LOS) Updates
Logic to determine which documents can be electronically signed based on loan attributes, such as loan product and property address.
Screens/Attributes to capture:
•
•
•
•
•
•
Ask your document prep vendor to provide the list of eClosing systems that support their docs for electronic signature. This information will help you:
• Decide if you need to setup an eClosing system or if you can leverage your closing agents’ systems.
• Narrow down the list of eClosing systems, if you determine that you need to setup your own system.
•
•
•
•
•
You want all of your closing agents to conduct eClosings on your eClosing system to provide a consistent eClosing experience for all your borrowers.
A majority of your closing agents do not have an eClosing system already.
A majority of eClosing systems used by your closing agents do not support docs from your current doc prep vendor, and you want to retain your current doc prep vendor.
If you decide to build in-house, the Freddie Mac eClosing System Requirements and our eMortgage System Security Best Practices may help.
If you decide to use a vendor system, refer to the Freddie Mac Reviewed eMortgage Vendor List web page for available solutions.
•
•
•
(For eNotes)
Determine if you want document custodians to store eNotes in their eVault after the loan is closed/ purchased, or if you want to build/buy your eVault system.
If you prefer a document custodian to store eNotes, check our eNote Document Custodian web page to see if they support eNote custody. If they don’t, consider partnering with one of our eNote Document Custodians.
If you prefer to set up an eVault system, build or buy one that complies with:
Electronic signature laws (ESIGN and/or the UETA, as required).
Applicable state and federal laws and regulations.
Freddie Mac requirements (Chapter 1402 of the Freddie Mac Seller/Servicer Guide and review our eMortgage Best Practices.
If you use a vendor system, visit our reviewed vendors page for lenders that provide eVault services.
•
•
•
•
Borrower signing preference (wet-ink, remote online electronic, in-person electronic etc.).
Borrower readiness to participate in such transactions (i.e. do they have computer, internet connectivity, camera etc), if you’re planning to offer remote online closings.
Updates to closing instructions to alert closing agents to print paper notes without “e” language, if the borrower does not consent to esign.
Logic to remove eMortgage indicator, if the borrower decides to wet-ink sign the Note or if their closing agent can’t conduct eClosings.
(For eNotes)
Determine if you want document custodians to store eNotes in their eVault after the loan is closed/ purchased, or if you want to build/buy your eVault system.
If you prefer a document custodian to store eNotes, check our eNote Document Custodian web page to see if they support eNote custody. If they don’t, consider partnering with one of our eNote Document Custodians.
If you prefer to set up an eVault system, build or buy one that complies with:
If you use a vendor system, visit our reviewed vendors page for lenders that provide eVault services.
(LOS) Updates
Add an eMortgage Indicator (ULDD attribute) on eNote loans.
Logic to determine which documents can be electronically signed based on loan attributes, suchas loan product and property address.
Screens/Attributes to capture:
eMortgage_Team@freddiemac.com
Replay Intro
CHECK POINT 4:
You’ve assembled the pieces. Now it’s time to operationalize.
The systems are in place – great! But you still need to ensure you’re operationally ready to originate and service eMortgages.
Contact eMortgage_team@Freddiemac.com for assistance with eMortgage servicing procedures
Be sure to:
Review and update your closing, post-closing and loan delivery processes.
Train your employees.
Set up the closing agents and the notaries in your eClosing system.
1
Determine
Scope
2
Partner
Readiness
3
Build or Buy Systems
4
Get Operations
Ready
5
Secure Investor Approvals
You've made it.
Success!
Integrate servicing steps required to service eMortgages, if eNotes are
in scope.
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
Related Links
Freddie Mac eMortgage Servicing Requirements (refer to Sections-1402.9 through 1402.13)
eNote Foreclosure Educational Aid
eMortgage_Team@freddiemac.com
Replay Intro
CHECK POINT 5:
One last item: Be sure the investors are on board.
Review investor approval requirements to minimize delays in obtaining investor approval to deliver eMortgages.
Questions?
Contact the Freddie Mac eMortgage team
1
Determine
Scope
2
Partner
Readiness
3
Build or Buy Systems
4
Get Operations
Ready
5
Secure Investor Approvals
You've made it.
Success!
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
Related Links
Freddie Mac eMortage Approval Requirements page
eMortgage_Team@freddiemac.com
Replay Intro
Congratulations! You’re ready to start eClosing.
Close loans anytime, anywhere; improve your operational efficiency; and provide a seamless and efficient closing experience to your client.
Replay
Success!
1
Determine
Scope
2
Partner
Readiness
3
Build or Buy Systems
4
Get Operations
Ready
5
Secure Investor Approvals
You've made it.
Success!
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
1
Determine Scope
2
Partner Readiness
3
Build or Buy Systems
4
Get Operations Ready
5
Secure Investor Approvals
You've made it. Success
Helpful Resources
Pre-recorded Webinars
Freddie Mac eMortgage Requirements
Freddie Mac eMortgage Delivery Requirements
Electronic Loan Documents
Replay
Electronic Loan Documents
eMortgage_Team@freddiemac.com
Replay Intro
