BNY Mellon Corporate Trust has launched an eVault service that will allow it to receive, process and store electronic mortgage documents on behalf of its clients.
According to the BNY Mellon, eVault service enables the company to provide certification, safekeeping and status reporting for electronically created and signed mortgage documents.
By transforming the current paper-based process into one that is completely electronic, eVault enhances the efficiency, creates transparency by making it easier for participants to see data and exchange information. It eliminates the need of manual entry thus allowing the faster delivery to the secondary market.
BNY Mellon has partnered with eSignSystems, a division of Wave Systems and a provider of lifecycle management tools, for eMortgage processing and other legally binding electronic transactions that provides full integration with Mortgage Electronic Registration Systems (MERS) and ensures documents remain free from tampering.
Rick Stanley, executive vice president and head of structured credit at BNY Mellon Corporate Trust, said: “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.
“By using electronic commerce, eVault eliminates paper and helps streamline the mortgage process, which is one of the goals of MERS. As one of the industry’s largest document custodians, we will work with MERS and the other utilities driving this electronic movement to continue to develop what the custodial role should be in the future.”