Mortgage Industry Move To Wipe Out Paperwork Maintenance Hassles Continues; Use Of Fraudulent Practices In F'closure Cases May Become Harder To Detect

Housing Wire reports:

• BNY Mellon Corporate Trust launched a new eVault service for its clients to receive, process and store electronic mortgage documents. The service is the latest in the industry to provide deliver and secure storage for electronic documents. Xerox has its own MERS-compatible eVault system, introduced earlier this year.

• BNY Mellon Corporate Trust is the corporate brand for The Bank of New York Mellon. The company said transforming paper-based processes into an all-electronic one boosts efficiency, creates transparency for participants to see data and exchange information and eliminates delays that come with physically mailing documents and manually entering data into computer systems allows faster delivery to the secondary market.

• “We’re excited to be redefining the role of a document custodian through our introduction of eVault, a service that changes how mortgage documents are generated and handled,” Rick Stanley, executive vice president and head of structured credit at BNY Mellon Corporate Trust, said in a press statement. “Documents no longer have to be printed on paper to be signed, and they don’t have to be manually shipped or physically stored. By making the mortgage process fully electronic, eVault allows lenders to reduce their costs through automation.”

• The eVault system integrates with the Mortgage Electronic Registration Systems (MERS), an industry-led initiative to identify and track individual mortgages and related information electronically. “By using electronic commerce, eVault eliminates paper and helps streamline the mortgage process, which is one of the goals of MERS,” Stanley added.

For more, see BNY Mellon Launches eVault Service for Digital Mortgage Docs.

In related stories on the ongoing move to paperless mortgage lending, see:

• Xerox Aims to Lead Originators into Paperless Mortgage World,
• 20 Years Later, DocMagic Reflects on eMortgage Evolution.

Thanks to Mike Dillon of GetDShirtz.com for the heads-up on the story.