has announced that it is now accepting eNotes to fund its warehouse lending transactions.
"This is great news for our customers," said Joe Lathrop, Head of Warehouse Lending for Flagstar. "They'll be able to clear their warehouse lines faster, have more accuracy and security, and best of all, originate more loans without increasing their credit line."
Once the eWarehouse line is requested and approved, an eNote is instantly delivered to Flagstar's eVault and registered with MERs. It all happens in minutes instead of the days it takes for paper transactions. And because it's all done electronically, there's no concern about lost or misdirected documents.
"It's another service we can offer our customers," Lathrop said. "We're still in the paper business and happy to accommodate customers who want to go that route, but the industry is moving towards paperless, and we want to be in the forefront."