BNY Mellon Corporate Trust has launched an eVault service that will allow it to receive, process, and store electronic mortgage documents for its clients, the firm announced today.
The service will allow BNY Mellon to provide certification, safekeeping, and status reporting for electronically created and signed mortgage documents, boosting efficiency and creating transparency by making it easier for participants to see data and exchange information. It will also allow faster delivery to the secondary market, as the need for couriers and manual entry will be eliminated, according to the firm.
The creation of the Mortgage Electronic Registration Systems (MERS), an electronic means of identifying and tracking individual mortgage loans and the information related to those loans, suggests that the move toward a paperless environment is actually being supported and driven by the mortgage industry itself, BNY Mellon said in the announcement.
Additionally, the firm has partnered with eSignSystems, which provides lifecycle management tools for eMortgages processing and other legally binding electronic transactions. eSignSystems provides full integration with MERS and ensures that documents remain free from tampering.
“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,” said Rick Stanley, executive vice president and head of structured credit at BNY Mellon Corporate Trust. “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.”
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets. It operates in 36 countries and serves more than 100 markets.