Selects eOriginal to provide technology solution to advance digital innovation
DES MOINES, Iowa--(BUSINESS WIRE)--Wells Fargo Home Lending has entered into an agreement with eOriginal, a
leading digital solution provider for the mortgage industry, to enable
the purchase of eNotes through Wells Fargo’s correspondent channel,
Wells Fargo Funding. The launch of eNote capabilities by Wells Fargo,
the nation’s leading residential mortgage aggregator, represents a major
step forward in the continuing digitization of the mortgage industry.
“Our ability to purchase eNotes is the latest step in our expansion in
the digital lending space that broadens our approach to serving
consumers and clients as we transform our mortgage business,” said
Michael DeVito, head of Wells Fargo Home Lending. “We’re committed to
delivering innovative solutions throughout the mortgage lending process.
With eOriginal providing eVault services, we’re aligned with a company
that has a proven track record in the digital lending community.”
An eNote is an electronic version of what traditionally was a paper
document. As the evidence of the obligation to repay the mortgage loan,
the eNote needs to be stored digitally in a way that ensures it has the
same legal enforceability as paper. eOriginal provides this storage
capability through its eVault service.
“Lenders transitioning into digital mortgage can move forward knowing a
trusted technology partner is aligned with the industry’s leading
aggregator,” said eOriginal CEO Brian Madocks. “This agreement with
Wells Fargo facilitates a new, essential outlet for lenders to deliver
loans with eNotes into the secondary market. The capability will make
digital mortgages accessible to a broad spectrum of lenders who can
realize the advantages of going digital, such as increased efficiency
and improved execution while also reducing risk.”
Wells Fargo will begin purchasing eNotes from a select group of lenders,
to be followed by a broader market offering throughout 2019.
This is the second significant digital initiative launched by Wells
Fargo Home Lending in 2018. Earlier in the year, Wells Fargo introduced
an online mortgage application for its retail origination consumers,
which pre-populates existing customer data and helps reduce the time it
takes to open and close a mortgage loan application. This online
application accounted for 28 percent of retail applications in September.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,950
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 37 countries and territories to support
customers who conduct business in the global economy. With approximately
262,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
About eOriginal
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. In 2018, eOriginal was named to HousingWire’s HW Tech100™.
For more information, visit www.eoriginal.com.