Ginnie Mae recently guaranteed securitization of mortgage-backed securities (MBS) for the first time exclusively through the use of e-note technology using the eOriginal platform from Wolters Kluwer Compliance Solutions.
The MBS were part of the January issuance cycle and backed by digital pools comprised exclusively of e-notes that closed in December 2020, totaling approximately $24 million in aggregate principal value.
By accepting e-notes as valid collateral for loan products issued by the Federal Housing Administration, Veterans Administration, U.S. Department of Agriculture and other government entities, Ginnie Mae enables broader acceptance of digital mortgages across the residential lending ecosystem.
“This transaction marks a turning point for Ginnie Mae and for the broader mortgage industry in facilitating the digital securitization of loans,” says Ginnie Mae’s Angel R. Hernandez. “Our use of digital technologies such as e-notes speeds transactions and helps support consumer access to credit while reducing the risk of defects in loan instruments, and it sets the foundation for broader and more rapid adoption of digital mortgages.”
The eOriginal platform enables lenders and their partners to create, store and manage digital assets through a set of purpose-built electronic signature, closing and vaulting solutions, including SmartSign, ClosingCenter and eAsset Management (with connectivity to the MERS eRegistry).
“Ginnie Mae’s adoption of our eOriginal platform for its securitization process marks the continued progression and acceleration of digital technologies that are helping speed and secure transactions in the mortgage ecosystem,” says Wolters Kluwer Compliance Solutions’ Steven Meirink.
Photo: Steven Meirink
The post Ginnie Mae Leverages eOriginal Technology for E-Note MBS appeared first on MortgageOrb.
