Industry News

Electronic real estate loan goes to secondary market

Paperless transaction opens doors for e-mortgages
Published on Aug 23, 2005

A secondary mortgage market investor has purchased in a cash sale an electronic mortgage loan in a pioneering move toward the paperless real estate transaction, Document Processing Systems said today. The company today reported that its DPS eMortgage Studio online lending platform has been used by 1st Advantage Mortgage to execute the industry's first cash sale of an electronic mortgage loan to a secondary market investor through the MERS eRegistry. The mortgage was electronically closed, registered and immediately sold, using the eMortgage Studio as the interface between DPS partner 1st Advantage Mortgage LLC of Chicago and the eRegistry. The transaction opens the door for lenders to transition to electronic mortgage closings by ensuring that eNotes can be easily, efficiently and securely sold in the secondary market. Any lender can use the DPS eMortgage Studio to close and sell a loan, and any secondary market investor can connect to the MERS eRegistry through the DPS...

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