(PRWEB) October 25, 2019
eOriginal, a digital lending technology pioneer, today announced that Ginnie Mae will deploy eOriginal's eVault technology as part of its digital transformation and modernization initiative.
"Ginnie Mae and eOriginal share a common goal of minimizing risk and providing liquidity and stability for the mortgage industry" said Brian Madocks, CEO, eOriginal. "We view Ginnie Mae's support of eNotes as integral and a key accelerator of digital adoption in the mortgage industry, and eOriginal is committed to providing the most trusted and compliant solution for Ginnie Mae and their partners."
“This announcement underscores Ginnie Mae’s commitment to modernizing its MBS program and platform, as outlined in our Ginnie Mae 2020 white paper, “The Road to Modernizing and Enhancing our Programs,” said Angel Hernandez, Ginnie Mae Director, MBS Policy and Program Development. “Creating a digital mortgage ecosystem, from loan application through securitization, increases access to credit for many Americans. It will also enhance the integrity of Ginnie Mae collateral by reducing the risk from defects in loan instruments.
"We have been at the forefront of innovation for the digital mortgage industry, said Madocks, and enabling Ginnie Mae and their issuers through the implementation of digital mortgage is no exception."
This further complements the digitization of the mortgage ecosystem currently powered by eOriginal: Quicken Loans, Wells Fargo Home Lending, and Fannie Mae to name a few. In addition, over one-half of all eClosing providers approved by both Fannie Mae and Freddie Mac are enabled as solution extensions of eOriginal, and 95% of year to date eNote registrations through the MERS eRegistry were driven by eOriginal customers.
“We’re honored to be selected by Ginnie Mae” said Madocks, “and we recognize that with this opportunity comes an important responsibility to enable the smart digital growth of the mortgage industry through robust technology and the rigor of digital asset certainty standards that will protect the health of our financial markets.”
eOriginal guarantees trusted transactions of digital financial assets for all parties from the borrower to the secondary market. We do this by creating a ‘digital original’ document with all the legal and enforcement rights of a paper contract combined with the capital and operational efficiency of digitization. Our proven network provides certainty in how these digital assets are created and maintained, delivering the confidence, visibility and compliance lenders and buyers need. As a pioneer in the space, major financial institutions, leading law firms and credit ratings agencies have validated and rely on eOriginal as a trusted partner for digital lending transformation and management. For more information, visit http://www.eoriginal.com.