Wells Fargo Home Lending has entered into an agreement with eOriginal, a digital solution provider for the mortgage industry, to enable the acquisition of eNotes through Wells Fargo Funding, their correspondent channel. As the nation’s leading residential mortgage aggregator, Wells Fargo’s launch of eNote capabilities represents a major step forward in the continuing digitization of the mortgage industry.
“Our expansion in the digital lending space is larger than just our ability to purchase eNotes. It’s a move to broaden our approach to serving consumers and clients as we transform our mortgage business,” said Michael DeVito, Head of Wells Fargo Home Lending. “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 earned the trust of the digital lending community.”
“Lenders transitioning into digital mortgage can move forward knowing a trusted technology partner is aligned with the industry’s leading aggregator,” said eOriginal CEO Brian Madocks. “This agreement with Wells Fargo facilitates a new, essential outlet for lenders to deliver loans with eNotes into the secondary market. The capability will make digital mortgages accessible to a broad spectrum of lenders who can realize the advantages of going digital, such as increased efficiency and improved execution while reducing risk.”
Wells Fargo will begin purchasing eNotes from a select group of lenders, to be followed by a broader market offering throughout 2019. This is the second significant digital initiative launched by Wells Fargo Home Lending in 2018. Earlier in the year, Wells Fargo introduced an online mortgage application for its retail origination consumers.