Wells Fargo touts electronic transactions
By MortgageDaily.com staff
1/18/2006

Secondary mortgage lender Freddie Mac has taken a step further into the future.

The McLean, Va.-based company acquired an electronic mortgage from Wells Fargo Home Mortgage, according to an announcement today.

The transaction, which the statement said used Mortgage Industry Standards Maintenance Organization -- or MISMO -- XML data standards, involved settlement agent Veri-docs.com and technology from Fiserv Lending Solutions and VMP Mortgage Solutions.

The loan, which isn't the first e-mortgage bought by Freddie (that happened in October 2000), was originated by Irvine, Calif.-based Greenlight Financial Services, which subsequently sold it to Wells Fargo.

"Today's announcement shows the potential time and financial savings that eMortgages can provide to America's borrowers and lenders," said Freddie executive Paul Mullings in the statement. "It underscores the reality that eMortgages succeed when a team of providers works together so our lenders can get the most from each new innovation, no matter who developed it."

"There's still a great deal of fine-tuning to be done," said Eric Stoddard, a correspondent executive at Wells Fargo, in the announcement. "But we're clearly on the path to developing the environment to create and sell e-notes throughout the industry."

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