Wells Fargo poised to launch eNote program
Wells Fargo Home Lending has entered into an agreement with eOriginal, a leading digital solution provider for the mortgage industry, to enable the purchase of eNotes through Wells Fargo's correspondent channel, Wells Fargo Funding. The launch of eNote capabilities by Wells Fargo, the nation's leading residential mortgage aggregator, represents a major step forward in the continuing digitization of the mortgage industry. An eNote is an electronic version of what traditionally was a paper document. As the evidence of the obligation to repay the mortgage loan, the eNote needs to be stored digitally in a way that ensures it has the same legal enforceability as paper. eOriginal provides this storage capability through its eVault service. Wells Fargo will begin purchasing eNotes from a select group of lenders, to be followed by a broader market offering throughout 2019. This is the second significant digital initiative launched by Wells Fargo Home Lending in 2018. Earlier in the year, Wells Fargo introduced an online mortgage application for its retail origination consumers, which pre-populates existing customer data and helps reduce the time it takes to open and close a mortgage loan application. This online application accounted for 28% of retail applications in September.