Mid America Now Purchasing E-Notes Through Its Correspondent Channel

Posted by Patrick Barnard on September 01, 2016 No Comments
Categories : Residential Mortgage

Mid America Mortgage Inc. is now purchasing e-notes for mortgages closed electronically from approved sellers through its correspondent lending channel.

“After implementing e-closings and e-notes in our retail channel, we immediately saw their potential to improve liquidity for smaller market players, especially brokers seeking to transition into mortgage banking, and we wanted to incentivize the market to adopt e-closing and e-notes by providing a secondary market channel for these types of loans,” said Jeff Bode, owner and CEO of Mid America Mortgage, in a release. “By utilizing e-closings and e-notes, lenders can decrease turn times on their warehouse line to 48 hours or less, which, in turn, reduces the amount of per-loan interest and fees they are charged by the warehouse bank.”

To give participating lenders added confidence that e-closed loans will be purchasable, Mid America has established relationships with several e-warehouse lenders, including FirstFunding and Merchants Bank of Indiana, the company stated in its release.

“We are excited about the marketplace enhancements made possible via a well-planned e-note strategy,” added Jim Dunkerley, founder and president of FirstFunding. “Mid America is dedicated to the development of strong e-note standards for itself and its correspondent lenders.”

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