The number of eNotes added to the MERS eRegistry during the first quarter of this year exceeded the total number of eNotes registered for all of 2018, according to data from Intercontinental Exchange and its MERSCORP Holdings Inc. subsidiary.
MERS member institutions registered approximately 19,000 eNotes during the first quarter, compared to 375 in the first quarter of 2018. Last year, a total of 17,000 eNotes were registered. There are now 109,000 outstanding active eNotes representing approximately $28 billion of residential mortgages.
“As the industry continues to migrate toward a fully-digital process, the early movers gain efficiencies and can remain most competitive in the market,” said Christopher McEntee, President of ICE Mortgage Services. “We’re excited about the rapid adoption of eNotes, and we expect to see a continual rise as more participants invest in next generation infrastructure.”