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eMortgages

The use of eMortgages (a mortgage with an electronic promissory note) is steadily becoming a market practice. Such mortgages help simplify and facilitate the closing process for your borrowers and your business.

Lender Benefits

  • Potential for increased liquidity due to shorter timeframes from origination to sale of the loan in the secondary market.
  • The risk of losing the original paper Note is eliminated and so is the need for affidavits when Notes are lost. This reduces the associated delays in loss mitigation activities.
  • Potential for reduced cost for warehouse lines.
  • Potential for reduced cost of storage with a Custodian.
  • Improved data quality with an automated certification process for eNotes. Data can be pulled directly from source documents, reducing the need for "stare and compare" and the potential for human error.

Get Started with eMortgages

To help determine your operational readiness to sell and/or service eMortgages with Freddie Mac, you'll need to:

  • Demonstrate that you have and will maintain adequate resources, technology, policies and procedures to conduct eMortgage business.
  • Discuss with your business partners (title/settlement agents, warehouse lenders and vendors) their readiness to support electronically closed documents.

Complete eligibility requirements to originate, deliver and service eMortgages are found in the Freddie Mac eMortgage Guide.

Resources

Additional Information

Get eMortgage insights from the findings of a joint GSE survey.

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