GreenLight Press Release 01/2006
WELLS FARGO HOME MORTGAGE, GREENLIGHT FINANCIAL SERVICES AND FREDDIE MAC LEAD EFFORT TO STREAMLINE eMORTGAGE TRANSACTIONS
FiServ, MERS, VMP Mortgage Solutions, Veri-docs.com, Join Effort to Jumpstart Era of Paperless Mortgages
DES MOINES, IA − Jan. XX, 2006, − Wells Fargo Home Mortgage announced today that it has successfully sold an eMortgage to Freddie Mac. The secondary market transaction was completed with the assistance of a team of technology companies that will provide digitally encrypted electronic documents, settlement services, closing and eDocument custody services. This is the first of several eMortgages Wells Fargo Home Mortgage will process during the next several months with Greenlight Financial Services. Freddie Mac and Wells Fargo Home Mortgage officials said the transaction using the Mortgage Industry Standards Maintenance Organization (MISMO) XML data standards holds the promise to reduce total mortgage origination and processing time."We're extremely pleased with the progress we're making to create a better and faster mortgage lending process for the home buyer," said Eric Stoddard, an executive vice-president at Wells Fargo Funding, the correspondent division of Wells Fargo Home Mortgage. "This is the next stage in the mortgage closing process, and wouldn't be possible without the collaboration of our technology and financial service associates."Freddie Mac, one of the nation's largest investors in residential mortgages, has been a long-time advocate for streamlining the home-lending process through the widespread adoption of a paperless electronic mortgage technology. "Today's announcement shows the potential time and financial savings that eMortgages can provide to America's borrowers and lenders," said Joseph Smialowski, executive vice-president of Freddie Mac Operations and Technology Division. "It underscores the reality that eMortgages succeed when a team of providers works together so our lenders can get the most from each new innovation, no matter who developed it." The latest milestone in the "paperless" revolution began on Dec. 14, 2005, when the Irvine, Calif.,-based Greenlight Financial Services, one of the leading direct-to-consumer mortgage lenders, electronically originated a single family mortgage using Freddie Mac's Internet-based automated underwriting service, Loan Prospector.com. Veri-docs.com, the settlement agent, then used Fiserv's eLending closing room to electronically close the eMortgage using electronic documents developed by VMP Mortgage Solutions, Inc. Wells Fargo Funding purchased the eMortgage from Greenlight Financial Services and, in turn, sold it to Freddie Mac after the loan was certified by Wells Fargo Document Custody. "The ability to expedite transactions electronically is the perfect extension to our online business, which draws customers seeking a streamlined lending experience," said Stacey Sommer, Senior Vice President of Greenlight Financial Services. "Our customers are very enthusiastic about the speed and ease that this technology brings to the lending process."Fiserv is the e-vault vendor, and provided the connection to MERS® eRegistry, which identifies the owner and custodian for registered eNotes. Wells Fargo Document Custody is the custodian of record in the registry. This is the first electronic transaction where a third party custodian has been involved in an eMortgage transaction on the MERS® eRegistry.[A great quote from MERS goes here.]Both Wells Fargo Home Mortgage and Freddie Mac are pleased with the results of the process test."There's still a great deal of fine-tuning to be done," said Stoddard, "but we're clearly on the path to developing the environment to create and sell e-notes throughout the industry.""We were able to work through many critical technology and process issues, which has accelerated our publication of our eMortgage purchasing standards - which we are publishing WHEN," said Smialowski. Freddie Mac received the first eMortgage on Oct. 2, 2000, the day after the federal E-SIGN law took effect and ushered in the possibility of using electronic documents for consumer financial transactions. Since then, Freddie Mac, Wells Fargo Home Mortgage and the mortgage industry have worked to develop uniform standards through MISMO to guide the development and implementation of eMortgage technology.About Freddie MacFreddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass-through securities and debt instruments in the capital markets. Over the years, Freddie Mac has made homeownership possible for one in six homebuyers and more than two million renters across America. For additional information about Freddie Mac, see the company's Web site: www.freddiemac.com About Greenlight Financial ServicesGreenlight Financial Services (www.greenlightloans.com; 866-66-FASTER) has become one of the fastest growing direct-to-consumer mortgage lenders in the industry; providing a combination of advanced technology, competitive interest rates, and outstanding customer service. Greenlight originates first and second mortgages, as well as equity lines of credit. Founded in 2001, Greenlight Financial Services is headquartered in Irvine, California.
About Wells Fargo Home MortgageWells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender* and one of the country's leading servicers of home mortgages. Wells Fargo Funding is the correspondent business line of Wells Fargo Home Mortgage. It is the nation's second largest correspondent lender, with a client base of over 1,000 banks, thrifts and mortgage lenders in all 50 states. Wells Fargo Home Mortgage, which is celebrating its centennial in 2006, operates the country's largest mortgage network from nearly 2,400 mortgage and Wells Fargo banking stores and the Internet. Based in Des Moines, Iowa, it services loans for more than 5 million customers nationwide.Wells Fargo Document Custody is the nation's No. 1 document custodian based on number of files held. It has been in business for more than 30 years. Based in Minneapolis, it holds loans for more than 200 customers nationwide.
FiServ, MERS, VMP Mortgage Solutions, Veri-docs.com, Join Effort to Jumpstart Era of Paperless Mortgages
DES MOINES, IA − Jan. XX, 2006, − Wells Fargo Home Mortgage announced today that it has successfully sold an eMortgage to Freddie Mac. The secondary market transaction was completed with the assistance of a team of technology companies that will provide digitally encrypted electronic documents, settlement services, closing and eDocument custody services. This is the first of several eMortgages Wells Fargo Home Mortgage will process during the next several months with Greenlight Financial Services. Freddie Mac and Wells Fargo Home Mortgage officials said the transaction using the Mortgage Industry Standards Maintenance Organization (MISMO) XML data standards holds the promise to reduce total mortgage origination and processing time."We're extremely pleased with the progress we're making to create a better and faster mortgage lending process for the home buyer," said Eric Stoddard, an executive vice-president at Wells Fargo Funding, the correspondent division of Wells Fargo Home Mortgage. "This is the next stage in the mortgage closing process, and wouldn't be possible without the collaboration of our technology and financial service associates."Freddie Mac, one of the nation's largest investors in residential mortgages, has been a long-time advocate for streamlining the home-lending process through the widespread adoption of a paperless electronic mortgage technology. "Today's announcement shows the potential time and financial savings that eMortgages can provide to America's borrowers and lenders," said Joseph Smialowski, executive vice-president of Freddie Mac Operations and Technology Division. "It underscores the reality that eMortgages succeed when a team of providers works together so our lenders can get the most from each new innovation, no matter who developed it." The latest milestone in the "paperless" revolution began on Dec. 14, 2005, when the Irvine, Calif.,-based Greenlight Financial Services, one of the leading direct-to-consumer mortgage lenders, electronically originated a single family mortgage using Freddie Mac's Internet-based automated underwriting service, Loan Prospector.com. Veri-docs.com, the settlement agent, then used Fiserv's eLending closing room to electronically close the eMortgage using electronic documents developed by VMP Mortgage Solutions, Inc. Wells Fargo Funding purchased the eMortgage from Greenlight Financial Services and, in turn, sold it to Freddie Mac after the loan was certified by Wells Fargo Document Custody. "The ability to expedite transactions electronically is the perfect extension to our online business, which draws customers seeking a streamlined lending experience," said Stacey Sommer, Senior Vice President of Greenlight Financial Services. "Our customers are very enthusiastic about the speed and ease that this technology brings to the lending process."Fiserv is the e-vault vendor, and provided the connection to MERS® eRegistry, which identifies the owner and custodian for registered eNotes. Wells Fargo Document Custody is the custodian of record in the registry. This is the first electronic transaction where a third party custodian has been involved in an eMortgage transaction on the MERS® eRegistry.[A great quote from MERS goes here.]Both Wells Fargo Home Mortgage and Freddie Mac are pleased with the results of the process test."There's still a great deal of fine-tuning to be done," said Stoddard, "but we're clearly on the path to developing the environment to create and sell e-notes throughout the industry.""We were able to work through many critical technology and process issues, which has accelerated our publication of our eMortgage purchasing standards - which we are publishing WHEN," said Smialowski. Freddie Mac received the first eMortgage on Oct. 2, 2000, the day after the federal E-SIGN law took effect and ushered in the possibility of using electronic documents for consumer financial transactions. Since then, Freddie Mac, Wells Fargo Home Mortgage and the mortgage industry have worked to develop uniform standards through MISMO to guide the development and implementation of eMortgage technology.About Freddie MacFreddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass-through securities and debt instruments in the capital markets. Over the years, Freddie Mac has made homeownership possible for one in six homebuyers and more than two million renters across America. For additional information about Freddie Mac, see the company's Web site: www.freddiemac.com About Greenlight Financial ServicesGreenlight Financial Services (www.greenlightloans.com; 866-66-FASTER) has become one of the fastest growing direct-to-consumer mortgage lenders in the industry; providing a combination of advanced technology, competitive interest rates, and outstanding customer service. Greenlight originates first and second mortgages, as well as equity lines of credit. Founded in 2001, Greenlight Financial Services is headquartered in Irvine, California.
About Wells Fargo Home MortgageWells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender* and one of the country's leading servicers of home mortgages. Wells Fargo Funding is the correspondent business line of Wells Fargo Home Mortgage. It is the nation's second largest correspondent lender, with a client base of over 1,000 banks, thrifts and mortgage lenders in all 50 states. Wells Fargo Home Mortgage, which is celebrating its centennial in 2006, operates the country's largest mortgage network from nearly 2,400 mortgage and Wells Fargo banking stores and the Internet. Based in Des Moines, Iowa, it services loans for more than 5 million customers nationwide.Wells Fargo Document Custody is the nation's No. 1 document custodian based on number of files held. It has been in business for more than 30 years. Based in Minneapolis, it holds loans for more than 200 customers nationwide.
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