Settleware Helps American First Credit Union Sell E-Note Registered With MERS eRegistry to Fannie Mae
July 24, 2007
LAGUNA BEACH, Calif., Settleware(r) Secure Services, Inc. announced that Ruben and Darla Nino of Buena Park, Calif., were the first home loan borrowers to have their electronic mortgage note registered with the MERS(r) eRegistry through the use of the Settleware Solution. American First Credit Union (AFCU), La Habra, Calif., originated the loan, and then sold it and electronically delivered it to Fannie Mae.
"We were very excited when the loan closed and was registered with the MERS(r) eRegistry," said Rick Triola, President and CEO of Settleware Secure Services, Inc. "But now that it has been sold and delivered to the final investor, Fannie Mae, we couldn't be happier with the results. We've been working for a long time to perfect this system and we're thrilled that it worked flawlessly."
AFCU has been using Settleware's Secure Signing Solution for over 18 months for electronic signatures, electronic notarization and electronic recording of digital documents without scanning.
"We've been successfully using Settleware's E-Notary and E-Recording solution to release our mortgage liens electronically for over a year and the next logical step was to produce our first E-Mortgage. Electronic mortgages are essential in speeding up the loan closing process, improving service quality, and reducing costs," said Carlos Miramontez, Vice President of Lending for American First Credit Union. "We are grateful to have partnered with Fannie Mae and Settleware to make this E-Mortgage concept a reality for our credit union. Our E-Mortgage proves that you don't have to be a billion dollar mortgage lender to be able to afford the technology needed to closed mortgage loans electronically. In fact, in today's competitive mortgage industry lenders can't afford not to progress in producing E-Mortgages."
"The lender was also pleased with the fact that the loan was purchased by Fannie Mae the same day. This can only be attained through the effective application of technology," Miramontez said. Other experts agree.
"Electronic Closing systems like Settleware can provide a better borrower experience, while registering the eNote on the MERS(r) eRegistry and delivering it to an investor within minutes," said Harry Gardner, MBA's Senior Director of Industry Technology and Vice President of eMortgages for MISMO, Inc. "We are very pleased that Settleware has built a solution supporting the MISMO(r) eMortgage standards. The use of standardized e-documents and transactions will lead to broader lender adoption of eMortgages and greater liquidity for electronic notes throughout the industry."
Triola says lenders are seeking out technologies like Settleware in order to meet the changing needs of the marketplace. Today, Settleware offers the only single-platform e-signing solution in production for the fully-electronic real estate and mortgage transaction, from the Point-of-Sale through to the County Recorder's office and the secondary mortgage market. The company's innovative workflow meets all standards set by the ESIGN Act and UETA and supports both MISMO SMART Doc(r) and e-Signed PDF standards.
A 27-year veteran of the industry and former Wall Street Investment Banker, Triola served as Sales & Marketing Director of one of California's largest independent escrow companies before launching his technology business. Under his leadership, nearly $5 billion of real estate transactions were generated, processed, and closed. But in the future, according to Triola, every industry will need better software.
"The entire mortgage industry is moving in the direction of all-electronic mortgages, and for good reason," Triola said. "We're very glad to be in production with American First Credit Union. They've been a great partner and this is fitting in many ways, perhaps chief among them being that this is an American first. Going forward, Settleware will be the standard solution for electronic lending."
Dan McLaughlin, EVP of MERS said, "We are pleased to have Settleware in production with the MERS eRegistry. We were also excited to see American First Credit Union transfer the eNote to Fannie Mae using MERS(r) eDelivery. Rick (Triola) and Settleware have demonstrated real leadership in the evolving eMortgage market from the beginning."