Xerox Pushes e-Mortgage Evolution
April 29, 2010
Xerox Corp. is pushing the mortgage industry’s transition to paperless with new on-demand services that help industry participants overcome the hurdles of e-mortgage adoption by requiring little set-up and upfront investment.
Xerox Mortgage Services’ eVault is a virtual repository that directly connects to the Mortgage Electronic Registration System (MERS) e-registry system, giving loan participants instant access to information related to the status of an e-mortgage. eVault users have the ability to securely store and manage electronic promissory notes (e-notes) for funding, post-closing, servicing and custodial purposes. The MERS integration also allows loan stakeholders to verify the authenticity of the e-notes, resulting in secure and legally enforceable transactions.
Xerox currently stores more than 35,000 e-notes in its eVault, making it one of the largest eVaults in the industry. The eVault leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization (MISMO) and the MERS e-registry, making the system agnostic to document provider or closing platform. In addition, the eVault has undergone integration testing with Fannie Mae’s e-mortgage delivery system, offering Fannie Mae sellers a streamlined approach to delivering e-mortgages.
“By introducing the eVault, with established connectivity to MERS, we’re accelerating the move to e-mortgages and delivering the mortgage industry access to the technology it needs without a major capital investment,” said Greg Smith, vice president, Xerox Mortgage Services.
In addition to the eVault service, Xerox is also driving e-mortgage adoption by offering e-recording capabilities through its Erxchange solution from ACS, a Xerox company. Erxchange delivers loan documents for e-recording and can return them to lenders via Xerox’s BlitzDocs Collaboration Suite’s secure online folder.