FHLB Des Moines and Together Credit Union complete first eNote transaction

DES MOINES, IOWA (June 21, 2021) — The Federal Home Loan Bank of Des Moines (FHLB Des Moines) is pleased to announce that Together Credit Union has become the first financial institution in the district to name FHLB Des Moines as secured party and identify the Location of the authoritative copy of the eNote to be the FHLB Des Moines eVault of an electronic promissory note (eNote) registered on the MERS® eRegistry. The Missouri-based member completed their digital transaction in February using their eVault and the  MERS® eDelivery system.

“We are thrilled to have achieved this significant milestone, both as an institution and as a member of FHLB Des Moines,” said Larry Jackson, vice president of real estate lending at Together Credit Union. “The entire process was seamless thanks to our partnership with FHLB Des Moines, as well as the excellent guidance from MERSCORP Holdings, Inc. (MERS) and our eVault provider. In addition, we were the first financial institution in Missouri to complete an eMortgage. We see a lot of promise with this process for the future.”

While Together Credit Union operates out of St. Louis, they are a nationwide mortgage lender, adding additional nuance to their electronic transfer system. “Last year was a historic time from a mortgage perspective; in fact, it was the highest close volume in the history of our country,” Jackson said. “This influx of mortgages, compounded with the physical distancing required due to the pandemic, makes these electronic offerings the most sensible, efficient option for our members and us as an institution.”

eNotes contain the same information as a traditional mortgage paper note, but what differentiates them is they are originated and signed electronically and stored within an eVault. “As a System, we have been working for a long time to establish the requirements so that we can securely accept residential mortgage eNotes as collateral for advances,” said Vonda Renfrow, vice president of collateral at FHLB Des Moines. “In addition, the outstanding support and training from MERS is critical in spreading awareness and education to our members. We are thankful to them for helping us champion this new offering.”

For the loan to have been originated with an eNote, pledged to the FHLB of Des Moines and registered on the MERS eRegistry naming FHLB of Des Moines as the Secured Party, Together Credit Union met a series of standards relating to eSignatures, eNote documentation, eClosings, MERS® eRegistry requirements, eNote vault requirements, and servicing system requirements. These standards reflect the set of core requirements published by the 11 Federal Home Loan Banks in early 2020. Since 2017, the Federal Home Loan Banks have been working together to develop the many components necessary to allow their individual members to pledge eNotes, and they are in various stages of accepting eNotes as collateral.

“As a long-standing member of FHLB Des Moines, we are grateful for their support and partnership,” Jackson said. “We encourage other financial institutions to consider eNotes as an efficient, safe, and streamlined way to pledge collateral. The initial learning opportunity is also a long-term investment in their success.”

FHLB Des Moines provides members with a variety of eNotes educational opportunities:

Understanding eNotes (Webinar)

eNotes Readiness Checklist

eNotes Resources


About Together Credit Union

Together Credit Union, formerly known as Anheuser-Busch Employees’ Credit Union, American Eagle Credit Union, and Purina Credit Union, strives to be a trusted financial partner, providing experiences that empowers members to live their best lives. As a community-focused, not-for-profit financial institution, the Credit Union offers comprehensive banking products and financial services at 27 branches nationwide and through 24/7 Member resources and amenities. In addition, Members can access their accounts and perform transactions at more than 5,600 shared branch locations and self-service shared branch express terminals, as well as more than 25,000 surcharge-free ATMs, through the CO-OP Shared Branch Network in all 50 states. With more than $2 billion in total assets, Together Credit Union is chartered by the state of Missouri, and federally insured by the National Credit Union Administration (NCUA). Learn more at or follow on LinkedIn, Facebook, Instagram, and Twitter.

Federal Home Loan Bank of Des Moines

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with our nearly 1,350 member institutions to support affordable housing, economic development and community improvement.

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit


Julie Linder
(573) 268-0639 |

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