Deutsche Bank and Freddie Mac launch automated eNote certification solution
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Deutsche Bank and Freddie Mac launch automated eNote certification solution 04 February 2020New York Reporter: Maddie Saghir
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Deutsche Bank’s trust and agency services has partnered with Freddie Mac to launch an automated eNote certification and safekeeping solution as a third-party document custodian, which marks the ‘first of its kind’ in the industry.
The platform combines a Deutsche Bank hosted automated certification solution that integrates with the Freddie Mac loan selling advisor platform.
According to Samuel Oliver, vice president of single family major projects at Freddie Mac, the integration minimises the need for the current bifurcated custody model for eMortgage seller and servicers.
Additionally, the integration is set to lay the foundation for potential solutions to minimise some of the technology setup costs required in the eNote process, Oliver explained.
eNotes were first issued in the US in 2001 but they have grown exponentially over the last two years, Deutsche Bank highlighted.
Deutsche Bank currently serves as one of Freddie Mac’s top document custodians, and in the future, the bank will be able to service the eNotes portfolio providing Freddie Mac seller/servicers with an integrated solution.
Jose Sicilia, global head of trust and agency services, Deutsche Bank, commented: “The launch of this authentication solution together with Freddie Mac highlights Deutsche Bank’s commitment to being the most innovative player in the US document custody space.”
“With a strong team of industry experts and leveraging the latest advances in technology, Deutsche Bank continues to provide superior service to our clients,” Sicilia added.
Deutsche Bank rolled out its eVault in May 2018. At that time, less than 500 eNotes were being originated on a monthly basis, this figure has grown to over 17,000 eNotes per month and it is expected to continue to grow in the future, the bank noted.
The document custody business at Deutsche Bank handles more than 95 percent of all eNote originations in the US, according to Deutsche Bank.
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