Wells Fargo Teams Up with DPS to Become Mortgage Document eCustodian
October 18, 2006
Wells Fargo Corporate Trust Services
The Document Custody division of Wells Fargo Corporate Trust Services now has the ability to serve as the "eCustodian" for mortgages originated and closed taking advantage of eNotes and paperless eClosing processes.
Under a licensing agreement with Document Processing Systems, Inc. (DPS), Wells Fargo CTS will use the DPS eMortgage Studio(TM) online platform to interface with the MERS® eRegistry, the electronic system of record that maintains current information on eNote ownership, servicing and location.
"In our more than 25-year history of providing document custody services to major lenders and to the key government agencies, we've never been more excited as we are about our expected growth in the eCustodial marketplace," said Shari Gillund, Senior Vice President for Wells Fargo Document Custody within Wells Fargo Corporate Trust Services. "We are now prepared to fully service the future needs of our customers as more and more of the industry fully adopts the paperless eMortgage and eNote. We view this as an incredible competitive advantage as eMortgages become more the norm."
"We view our relationship with Wells Fargo as another key endorsement of DPS' vision of the eMortgage process and of the quality of the DPS eMortgage Studio(TM)," said Paul Rakowicz, President of DPS. "Each additional client partnership we form with the mortgage industry's top companies only serves to solidify our belief that we really have the right mix of products and services to help foster eMortgage adoption. We look forward to working with Wells Fargo to make that adoption happen even faster."