The Servion Group, which provides lending solutions and support to credit unions and community banks around the country, has integrated with the MERS® e-Registry as both a servicer and an investor, bringing Servion and its partner institutions closer to an all-digital mortgage experience that improves the homebuying process for borrowers.
Servion becomes the 13th investor to integrate with the MERS® e-Registry, joining mortgage industry titans such as Freddie Mac and Fannie Mae as early adopters of eNotes. As an investor, Servion can now purchase electronic notes (eNotes), which are the digital equivalent of paper promissory notes. eNotes are considered essential to lenders’ digital mortgage strategies because they:
- Lower lenders’ costs;
- Do not require notarization;
- Are enforceable in all 50 states; and
- Easily integrate into an electronic closing process.
Servion also becomes the 18th servicing agent to integrate with the MERS® e-Registry. Servion’s ability to service eNotes helps lenders more efficiently move digital mortgages forward with the knowledge that their borrower’s digital mortgage will be retained by Servion, not sold to a third party. As a result, the borrower’s experience is improved.
“We are excited to be part of the MERS® e-Registry,” said Casey Delinsky, capital markets manager with Servion. “More lenders are working toward technologically driven closing processes, and our integration with MERS puts us and our partners on the leading edge of this movement.”
