Mid America Mortgage, Inc. (Mid America) Owner and Chief Executive Officer Jeff Bode today announced it will purchase eNotes for loans closed electronically from approved sellers through its correspondent lending channel.
“After implementing eClosings and eNotes in our retail channel, we immediately saw their potential to improve liquidity for smaller market players, especially brokers seeking to transition into mortgage banking, and we wanted to incentivize the market to adopt eClosing and eNotes by providing a secondary market channel for these types of loans,” Bode said. “By utilizing eClosings and eNotes, lenders can decrease turntimes on their warehouse line to 48 hours or less, which, in turn, reduces the amount of per-loan interest and fees they are charged by the warehouse bank.”
One of the traditional barriers to eClosing has been a perceived lack of acceptance from investors and warehouse banks. To counter this, Mid America has established relationships with several eWarehouse bank providers, including FirstFunding and Merchants Bank of Indiana, to give participating lenders added confidence that eClosed loans will be purchasable.
“We are excited about the marketplace enhancements made possible via a well-planned eNote strategy, said Jim Dunkerley, founder and president of FirstFunding. “Mid America is dedicated to the development of strong eNote standards for itself and its correspondent lenders.”
While participating lenders can utilize any eClosing/eNote vendor, Mid America’s list of preferred vendors include:
* Digital Delivery eSign
* DocMagic
* International Document Services, Inc. (IDS)
* Pavaso
Loans must be in an approved/eligible status to be eligible for eClose/eNote purchase with Mid America. Prior to close, loans must be submitted to Mid America for credit and compliance approval in order to have the purchase wire completed within 24 to 48 hours of the scheduled closing. Any loans closed prior to Mid America review will go through the normal Correspondent review process.
For more information, contact Mid America’s Director of Correspondent Lending Kara Lamphere at 214-261-3292 or kara.lamphere@midamericamortgage.com.
About Mid America Mortgage, Inc.:
Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, most recently with its adoption of electronic mortgage closings (eClosings) and promissory notes (eNotes). We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners, and are also the nation’s leading provider of Section 184 home loans for Native Americans.
Mid America is looking for tech-savvy, service-oriented mortgage professionals to join its growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit http://www.midamericacareer.com/.
Additional information about Mid America Mortgage, Inc. can be found on the company’s website at http://www.midamericamortgage.com/about/.
Twitter: @midamericamtge
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