Wells Fargo Home Lending has announced that it is set to launch an eNote program following an agreement with eOriginal to enable the purchase of eNotes through Wells Fargo’s correspondent channel, Wells Fargo Funding.
The company will begin purchasing eNotes from a select group of lenders and plans to conduct a broader market offering throughout 2019.
As the evidence of the obligation to repay the mortgage loan, an eNote needs to be stored digitally in a way that ensures it has the same legal enforceability as paper. eOriginal provides the storage capability through its eVault service.
“Our ability to purchase eNotes is the latest step in our expansion in the digital lending space that broadens our approach to serving consumers and clients as we transform our mortgage business,” Wells Fargo Home Lending Head Michael DeVito said. “We’re committed to delivering innovative solutions throughout the mortgage lending process. With eOriginal providing eVault services, we’re aligned with a company that has a proven track record in the digital lending community.”
The announcement follows Wells Fargo’s introduction earlier in the year of an online mortgage application for its retail origination consumers.