Sturdy origination volumes and demand for digital mortgage applied sciences have spurred a report variety of registrations within the MERS eRegistry this yr.
MERSCORP Holdings reported that the variety of eNote registrations hit a brand new report excessive of 51,234 in September and spiked to 286,403 from January by means of September. That’s greater than twice the determine registered by MERS member establishments, together with lenders and originators, in all of 2019.
“We have seen quite a few components converge this yr to drive the business towards providing a really digital mortgage,” mentioned Joe Tyrrell, president of ICE Mortgage Know-how. “We’re excited concerning the continued development of the MERS eRegistry, and we sit up for working with extra market individuals as they put money into clever workflow automation.”
Based mostly on the variety of loans registered on the MERS system, the ratio of digital notes to paper notes has additionally rose from roughly three% in January 2020 to over 5% by means of September and has now reached 6% thus far in October. The fast development of eNotes is a key indicator that the residential lending business continues to shift in direction of digitization within the manufacturing course of.