Mid America Closes Its First Mortgage with an Electronic Note
Mid America Mortgage in Addison, Texas, has executed its first electronic closing and e-note through its retail origination channel.
The closing builds on the company's plan to expand e-closings and e-notes across all of its origination channels, Mid America founder and chief executive Jeff Bode said in a news release Tuesday.
"This strategy aligns Mid America with the Consumer Financial Protection Bureau's initiatives, as the CFPB has signaled its position that e-closing should be an option for all borrowers," Bode said.
The company also announced plans to launch e-closing for its correspondent business later this summer. Loans eligible for that program include conventional products, FHA loans, VA loans and Section 184 (Native American) loans.
"Historically, warehouse lenders have been the less than enthusiastic about e-warehousing, but the tide seems to be turning," Bode said. "Several banks have expressed their desire to participate in e-warehousing. Once we get the program up and running, our goal is to purchase loans closed electronically from participating lenders’ warehouse lines within two business days of funding."
Mid America has worked with its warehouse partners, MERSCORP Holdings and Fannie Mae in developing its e-note strategy. Last September, the company unveiled plans to use technology from DocMagic and eSignSystems along with its own Mortgage Machine loan origination system as the foundation for its e-mortgage platform.