Freddie Buys All-Electronic Mortgage

Freddie Mac has announced the successful purchase of an all-electronic mortgage. The mortgage was originated in Utah and made legally binding through the Electronic Signatures in Globaland National Commerce (E-SIGN) Act, which went into effect Oct. 1. Mountain America Credit Union, Salt Lake City,originated and closed the mortgage, and CUNA Mutual Mortgage Corp., Madison, Wis., is servicing it. The participantsused Digital Handshake technology from iLumin Corp. for the transaction. The Orem, Utah-based iLumin recently launchedDigital Handshake Server, which is designed for secure, private, legally binding, start-to-finish online transactions.Digital Handshake has been in a pilot-testing phase since June and currently includes partners Trans Union LLC;GMAC Mortgage; Bank of America; Stewart Title; and H&R Block Mortgage Corp. Organization and company websiteaddresses are http://www.freddiemac.com, http://www.mtnamerica.org, http://www.cunamutual.com, and http://www.ilumin.com.