New services from Xerox assist in paperless transition
Xerox Corporation is making the mortgage industry's transition to paperless easier than ever with new on demand services that help industry participants overcome the hurdles of eMortgage adoption by requiring little set up and upfront investment. Xerox Mortgage Services' eVault is a virtual repository that directly connects to the Mortgage Electronic Registration System (MERS) eRegistry system, giving loan participants instant access to information related to the status of an eMortgage. EVault users have the ability to securely store and manage electronic promissory notes (eNotes) for funding, post-closing, servicing and custodial purposes. The MERS integration also allows loan stakeholders to verify the authenticity of the eNotes, resulting in secure and legally enforceable transactions. Xerox currently stores more than 35,000 eNotes in its eVault, making it one of the largest eVaults in the industry. The eVault leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization (MISMO) and the MERS eRegistry, making the system agnostic to document provider or closing platform. In addition, the eVault has undergone integration testing with Fannie Mae's eMortgage Delivery system, offering Fannie Mae sellers a streamlined approach to delivering eMortgages. "By introducing the eVault, with established connectivity to MERS, we're accelerating the move to eMortgages and delivering the mortgage industry access to the technology it needs without a major capital investment," said Greg Smith, vice president, Xerox Mortgage Services. In addition to the eVault service, Xerox is also driving eMortgage adoption by offering eRecording capabilities through its Erxchange solution from ACS, A Xerox Company. Erxchange delivers loan documents for eRecording and can return them to lenders via Xerox's BlitzDocs Collaboration Suite's secure online folder. For more information, visit www.xerox-xms.com.