GMAC Touts eNote First

GMAC Mortgage Corp., Horsham, Pa., has announced that it is the first investor in the mortgage industry able to purchase a correspondent loan with an electronic note, complete the sale of the loan on the secondary market, and service the eNote.Under a licensing agreement with Document Processing Systems Inc., GMAC Mortgage and GMAC Bank will use eMortgage Studio software to interface with the MERS eRegistry, the electronic system that maintains eNote information. "Servicing an eNote is an enormous first step to originating and servicing electronic mortgages," said Joanne Wight, vice president of correspondent lending operations at GMAC Bank. "Not only do [GMAC Mortgage] and GMAC Bank have an immediate ability to participate in the eMortgage marketplace, we can also offer a solution for lenders seeking secondary-market investors who are equipped to handle eNotes."