Rapid growth of eNotes indicates wider adoption of digital mortgage technology
Strong origination volumes and demand for digital mortgage technologies have spurred a record number of registrations in the MERS eRegistry this year.
MERSCORP Holdings reported that the number of eNote registrations hit a new record high of 51,234 in September and spiked to 286,403 from January through September. That is more than twice the figure registered by MERS member institutions, including lenders and originators, in all of 2019.
"We've seen a number of factors converge this year to drive the industry toward offering a truly digital mortgage," said Joe Tyrrell, president of ICE Mortgage Technology. "We're excited about the continued growth of the MERS eRegistry, and we look forward to working with more market participants as they invest in intelligent workflow automation."
Based on the number of loans registered on the MERS system, the ratio of electronic notes to paper notes has also rose from roughly 3% in January 2020 to over 5% through September and has now reached 6% so far in October. The rapid growth of eNotes is a key indicator that the residential lending industry continues to shift towards digitization in the production process.
