Deutsche Bank and Freddie Mac and the ‘eNote’ Partnership
Deutsche Bank’s Trust & Agency Services has partnered with Freddie Mac to launch an automated eNote certification and safekeeping solution as a third-party Document Custodian representing the first of its kind in the industry. The platform combines a Deutsche Bank hosted automated certification solution with the Freddie Mac Loan Seller Advisor platform
“In addition to minimizing the need for the current bifurcated custody model for eMortgage Seller/Servicers, this integration lays the foundation for potential solutions to minimize some of the technology setup costs required in the eNote process,” said Samuel E. Oliver III, Vice President, Single Family Major Projects, Freddie Mac.
Deutsche Bank currently serves as one of Freddie Mac’s top Document Custodians. In the future, Deutsche Bank will be able to service the eNotes portfolio providing Freddie Mac a one stop integrated solution.
“The launch of this authentication solution together with Freddie Mac highlights Deutsche Bank’s commitment to being the most innovative player in the US Document Custody space. With a strong team of industry experts and leveraging the latest advances in technology, Deutsche Bank continues to provide superior service to our clients,” said Jose Sicilia, Global Head of Trust & Agency Services, Deutsche Bank.
eNotes were first issued in the US in 2001 but they have grown exponentially over the last 2 years. Deutsche Bank has continued to partner with the country’s leading mortgage lenders to support the digital solutions for the industry.
Deutsche Bank’s rollout of its eVault in May 2018. At that time, less than 500 eNotes were being originated on a monthly basis, this figure has grown to over 17k eNotes per month and it is expected to continue to grow in the future. The Document Custody business at Deutsche Bank handles more than 95% of all eNote originations in the US.
As a leading player and authority in the industry, Deutsche Bank serves as a Co-Chair on the Mortgage Bankers Association (MBA) eNote working group, is a panelist participant at MERS eNote Bootcamps and is often consulted on a wide range of eNote topics.