Mid America Mortgage, Inc. (Mid America) announced today it has purchased the eNote from North Carolina’s first eMortgage transaction. The transaction, which was completed entirely electronically on May 5, was a refinance for a property in Winston-Salem and was executed by Hickory-based North State Bank. Upon completion of the closing, Mid America was able to purchase the resulting eNote within one business day after receiving the final loan package.
In a statement issued on May 9, North Carolina Secretary of State Elaine F. Marshall said: “This was our first North Carolina eClosing. It is not our last. We want this to become a regular option for lenders and their customers because of the many advantages eClosing offers versus the slower, traditional paper-based system…. We stand ready to work with all other North Carolina lenders to get them up to speed on this. One thing we all noted during this closing was that even though we tried to make it into a real ceremony — it was still so fast and easy that we had a hard time not being finished in just a few moments.”
“Given Mid America’s desire to see full eClosings implemented nationwide, we were happy to play a role in this transaction by serving as the investor for this deal,” said Mid America Owner and CEO Jeff Bode.
“We launched our eCorrespondent division with the specific intent of converting emerging mortgage bankers to eClosings and purchasing their eNotes. Having also implemented eClosings in our retail division, we’ve seen first-hand how eClosings can reduce errors in the closing process, resulting in lower origination costs and more satisfied borrowers. With origination volume expected to decline this year, now is the time for lenders to get on board with eClosings.”
“As Secretary Marshall noted, eNotarization is an essential component in moving not just mortgages, but all legal filings, into the digital age,” Bode added. “As such, Mid America has been working closely with the Texas Mortgage Bankers Association to move the Texas Remote Notary bill through the state legislature, and we feel confident that eNotarization will soon become legal in the state of Texas.”
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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