Flagstar Bank also uses the technology to securely store electronic notes (eNotes) and other closing documents in the Fiserv electronic vault (eVault) and to facilitate the electronic transfer of assets to secondary market investors and loan servicers. Use of the eLending platform is a natural extension of Flagstar Bank’s existing paperless technologies and moves the bank one step closer to entirely eliminating paper from the mortgage process.
Instead of originating loans with paper notes, Flagstar Bank uses the mortgage industry standard SMART Doc format to create electronic documents that combine machine-readable loan data with a viewable image. The Fiserv eLending platform enables borrowers and closing agents to affix signatures and seals to the SMART Doc eNotes to transact fully electronic closings.
Kim Weaver, vice president of eLending product development for Fiserv lending solutions, said: Flagstar Bank is known in the industry for its leadership in mortgage technology. It makes sense for them to emerge as an early adopter of eMortgage technology. Using our eLending platform, Flagstar Bank is leveraging existing systems and provider relationships to strategically add the eMortgage as a loan production option.
