Skip to main content

Freddie Mac PMMS: Rates drift lower on reports of economic weakness; other reports point to progress in housing market

National Mortgage Professional
Aug 27, 2008

Flagstar Bank to originate electronic notes using FiservMortgagePress.cominformation technology services, electronic notes, loan origination product Fiserv, Inc., a provider of information technology services to the financial industry, announced today that Troy, Michigan based Flagstar Bank, a $14.6 billion-asset federal savings bank, has begun to originate its prime residential mortgage loans with electronic notes using Fiserv technology, for sale to McLean, Virginia based Freddie Mac, one of the nation's largest investors in residential mortgages, under a new paperless process test initiative. Flagstar Bank utilizes the Fiserv eLending platform for its eMortgage signing, closing and post-closing processes. The company stores eNotes and other closing documents in the Fiserv eVault and facilitates the electronic transfer of assets to loan servicers and secondary market investors, such as Freddie Mac. "Having Freddie Mac as an investor that purchases eNotes from Flagstar gives us flexibility in the secondary market," said Brian Boike, first vice president of lending support for Flagstar. "Fiserv enables us to move full speed ahead on our expansion plans and fully realize the benefits of a paperless mortgage." The Flagstar eNote is automatically registered with the MERS eRegistry to establish an authoritative record of ownership and document custodianship. The Fiserv eLending platform transparently invokes MERS eDelivery for vault-to-vault asset transfers. All of the eNotes being originated under the process test must meet Freddie Mac mortgage credit standards and eMortgage specifications. Freddie Mac's willingness to participate in this initiative is further proof that eMortgages will become the standard throughout the mortgage industry," said Kevin Collins, president, Fiserv Loan Origination Products. "Benefits such as faster closing times, reduced shipping and courier costs, and more borrower transparency led Flagstar and other technology-savvy lenders to adopt eMortgages to streamline their lending processes." Flagstar's use of the SMART Doc eNotes helps to qualify the assets for secondary market sale to Freddie Mac. The e (GSE) is among a growing number of investors now purchasing eNotes for U.S. residential properties. "Today's announcement underscores Freddie Mac's commitment to explore the potential eMortgage technology to reduce the time and expense to make homes possible for qualified borrowers," said Patricia McClung, Freddie Mac's vice-president of Single Family Sourcing. For more information, visit
Aug 27, 2008
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023