Are eNotes safe?
eNotes are safe and more resistant to post-closing tampering than paper Notes.  Each eNote contains an industry standard “tamperseal”, which is a digital signature that can be checked at any time to authenticate that the eNote has not been altered since it was signed at the closing table.  The tamperseal never expires.  Encomia's eSign tamperseals a MISMO standards compliant and have been verified by the MERS eRegistry and Fannie Mae in live closings.

Are eMortgages here to stay?
Industry experts have projected that within 5 years 60 to 70 percent of the mortgages originated will be electronic.  eMortgages are essential to maintain and grow revenue streams.

What does an eVault mean to me?
An eVault will give your organization the ability to securely store, share and transfer original collateral and servicing documents.  Documents will be delivered immediately for safe harbor, enabling you to share access to the collateral with both internal and external sources such as lenders, investors, servicers, document custodians and warehouse lenders all via the web.

• Elimination of printing & faxing of paper
• Elimination of shipping costs
• Costs with a physical Vault storage
• Fully integrated with the MERS eRegistry
• Unlimited auditing capabilities
• Certification time
• Instant and automated loan delivery

Is an eVault secure?  How?
Yes - the Encomia eVault does not permit external access to its database.  It requires that anyone logging into the system to have a digital certificate, which is checked against the database for authenticity, as well as real-time verification of each digitally signed request.  It is virtually impossible for anyone to issue a command to the eVault server without being the person they say they are.  Failed log in attempts are logged.

The data in the Encomia eVault database may optionally be encrypted.  It may also be stored in an external data store, such as an EMC Centera device, for maximum isolation and security.

Will the eVault integrate with other application within my Bank?
System-to-system integration is recommended with the eVault, allowing you flexibility and ease of use with all business partners.  Business is transacted in real-time with seamless data migration for paramount performance.

Can the eVault be used for other things besides mortgage loans?
The eVault can give your organization the capability to expand from processing first mortgages electronically to support multiple lines of business such as home equity, consumer and retail loans.  All loan processing departments will gain efficiencies and recognize cost savings immediately.

How will the eVault help us go green?
By eliminating paper and shipping through electronic loan origination and storage you’re contributing to the elimination of greenhouse gases.

Can the eVault save processing time and cut down on the need for full time employees?
With the operational efficiencies you gain with automated certification, delivery and the data and documents being one data stream you will be able to cut down on the amount of personnel you need to review, certify and perform data entry.  Not to mention the need for personnel in post closing, shipping and receiving departments will be drastically reduced.

Do electronic mortgages reduce your risk?
One example of risk reduction is the process change with eNotes;  A lost note affidavit is non-existent do to the eNote being automatically uploaded to the eVault upon closing and automatically registering it with the MERS eRegistry.

Will eMortgages take longer to process?
Absolutely not - eNotes are easier to prepare, the closing lead time is reduced and the borrower is able to access their loan documents via the web prior to closing.  The borrowers experience is improved with the verification and accuracy of information prior to the closing.  Since the borrower has already reviewed and signed their non critical documents prior to closing the actual closing of the mortgage takes less than 15 minutes.

Will I have to purchase a multitude of systems to make the eMortgage process work?
Encomia provides an end-to-end electronic mortgage solution that gives you the ability to implement at the pace that fits into your business plans.  Encomia’s eVault works seamlessly with all other software modules (Print2SMARTDoc, eDisclosure, eSign), so there are no compatibility issues.  Working with our entire suite reduces deployment time, cost and risk.

How do you ascertain who owns an eNote?
In the paper world possession of the paper Note asserts ownership.  This creates the need to store paper documents and to mitigate risk associated with the transport of the Note (while it is in the hands of a courier service, etc.)  Ownership of an eNote does not rely on [possession of the asset – the MERS eRegistry provides a nationwide secure registry of ownership of eNotes.  Each eNote has a unique tamper-seal signature – this signature, when married with a MERS Identification Number (“MIN”) uniquely identifies an eNote and can be used to verify validity of the eNote by checking the tamperseal. 

Can I sell an eNote? How?
Yes - Fannie Mae has been purchasing eNotes for years, including some produced by Encomia eSign and forwarded through Encomia eVault.  Ownership of the eNote is asserted through the MERS eRegistry.  The MERS eRegistry allows one party to transfer ownership of an eNote to another party in a secure and controlled fashion, where all parties must agree for the transfer to occur.  The Encomia eVault seamlessly integrates into this process – users can initate transfers, view pending transfers and accept (or cancel) transfers.