Location Matters: eNote Concepts that Protect Enforceability, Negotiability & Priority
Explore the regulations that helped establish the legal and technical framework for the use of eNotes in the mortgage industry, and learn how to ensure the eVault you select is properly designed to protect the integrity of your transactions.
With digital closing adoption on the rise, it’s critical for both lenders and the secondary market to understand the concepts that protect the enforceability, negotiability, and priority of eNotes—the digital equivalent of paper promissory notes. This white paper explains the significance of these concepts and the role eVaults play in ensuring compliance with requirements that enable them.
You'll learn:
- The importance of location as it pertains to eNotes, and the distinction between Authoritative and Non-Authoritative Copies
- How eVaults and the MERS® eRegistry work together to identify the single, Authoritative Copy of the eNote (AC) and the party in Control of the AC (Controller)
- Why eNotes are sometimes converted to original paper notes, and the requirements and standards that govern this process
- How to determine an eVault provider’s compliance with the MISMO® eVault System Standards, and why compliance across all eVaults is critical to protect the integrity of the entire eNote ecosystem
Snapdocs is proud to be the first—and currently only—eVault provider certified as fully compliant with the MISMO® eVault System Standards.
Just getting started? The Mechanics of eNote breaks down the fundamentals before you dive into this advanced guide.