Fannie Mae and Freddie Mac approved RoundPoint Mortgage Servicing Corporation [1]to service and purchase electronic promissory notes, or eNotes, RoundPoint announced Wednesday.
The agreement allows RoundPoint to service new loan types, and makes it a “one-stop shop” for counterparts looking to sell mortgage servicing rights [2], the release states.
“We are one of only a handful of servicers approved by the GSEs to service eNotes,” said Craig Freel, SVP, Portfolio Management for RoundPoint Mortgage Servicing Corporation, in the release. “We’re proud of the partnership with eOriginal as it demonstrates RoundPoint’s commitment to eNotes. We recognize they are the way of the future and we intend to play a key role in the digital age. The partnership is also a tangible example of our continued investment in new trends and technology.”
Interest in the production of eNotes, driven by the GSEs [3], continues to grow as consumers and lenders recognize the value of the digital process [4], which is more streamlined, helps eliminate errors, and captures operational efficiencies.
RoundPoint sought approval for servicing eNotes by implementing a digital mortgage solution approved to use the MERS eRegistry. The solution was tested by Fannie Mae [5] and Freddie Mac [6], along with a review of all policies and procedures surrounding the management of eNotes.
RoundPoint selected eOriginal’s solution to connect with the established digital ecosystem for the mortgage industry. The release states eOriginal is on both Fannie Mae and Freddie Mac’s technology solution provider lists and offers solutions for mortgage servicers that assists in the management of life-of-loan events in a digital environment.
“The eOriginal solution is one of the most user-friendly options out there,” Freel said. “The fact that it directly integrates with MERS eRegistry and the GSEs was also extremely important to us. They were a pioneering vendor in this space, so they have a tremendous amount of experience which made them an ideal choice for RoundPoint.”
RoundPoint was founded in 2007 and is one of the nation’s top 10 non-bank mortgage servicing companies. The company currently services nearly $90 billion worth of mortgage assets, and is authorized to service loans in all 50 states, the District of Columbia and the U.S. Virgin Islands.