Mid America Mortgage, Inc. has completed its first Ginnie Mae eNote transaction with Wilmington Trust, an approved and active eCustodian under Ginnie Mae’s Digital Collateral Initiative.
Having announced its first eNote transaction in August 2016, this represents the next step in Mid America’s ongoing digital mortgage adoption efforts across its retail, wholesale and correspondent lending channels.
“As long-time Ginnie Mae-approved issuer, Mid America Mortgage was eager to achieve eIssuer status with Ginnie Mae so that we could begin securitizing our considerable government-backed digital mortgage volume as well,” said Mid America owner and chief executive officer Jeff Bode. “However, we knew we needed a document custodian that not only was also approved by Ginnie Mae to participate, but one that also possessed a keen understanding of the nuances of storing eNotes. That is exactly what we’ve found with Wilmington Trust, and we look forward to partnering with them to expand Mid America’s digital mortgage push.”
Wilmington Trust was among the first document custodians approved by Ginnie Mae to store eNotes for Ginnie Mae-approved eIssuers and is currently working to become approved by Freddie Mac.
The firm provides full service eNote custodial services, which includes taking in eNotes via the MERS eRegistry, as well as performing a review and certification to the agencies or warehouse lenders, while safekeeping the eNotes on their behalf.
”We are proud to support such a great partner like Mid America Mortgage as one of the first lenders accepted into the Ginnie Mae Digital Collateral Initiative,” said Joseph Deller, product development manager, Wilmington Trust. “This is a critical step in the ongoing digital transformation in the mortgage industry, and Wilmington Trust is excited to be part of this historic program launch.”