Texas-based mortgage lender Click n’ Close announced on Tuesday that its primary technology partner, Alabama-based mortgage banker Barr Group Mortgage, has completed the first eNote transaction using the Click n’ Close non-delegated correspondent eNote program.
“Working with Ameris Bank’s warehouse division SVP Jill Gainer helped ensure the set-up process was straightforward, and our first two loans were purchased the day after closing,” Elizabeth Moore, chief operations officer at Barr Group Mortgage, said in a prepared statement. “Using eNotes has eliminated the need for allonges, overnight shipping costs, note corrections and chasing down lost notes.”
The company claims its eNote program helps non-delegated correspondents save money through reduced interest charges and reduce their warehouse line turn times to less than two days.
“Our non-delegated correspondent eNote program provides emerging mortgage bankers with a tremendous opportunity to incorporate incredible agility and operational efficiencies into their business from the get-go and enables them to differentiate themselves with their customers, as well as their title and real estate partners, through a convenient digital closing experience,” Bode, owner and CEO of Click n’ Close, said in a statement.
Click n’ Close has partnered with warehouse lenders like Ameris Bank with the aim of providing “warehouse line access to qualified program participants previously financially ineligible for these lines of credit,” according to a statement from the company.
The approval process for the participants in the eNote program includes a review of financial statements and insurance exhibits, which are also the requisites for the warehouse approval process. This, in turn, cuts down on the time needed for the warehouse approval, according to the statement.
In this transaction, eNote was registered on the MERS eRegistry, an approved eNote record system. Ameris Bank served as Barr Group Mortgage’s warehouse lender and DocMagic as the eClosing and eVault tech provider.
“We are thrilled to have our first eNote executed in such efficient timing – less than three weeks from application to closing – and with such renowned partners,” Bode said.
Click n’ Close, which rebranded from Mid America Mortgage in June 2022 after selling the majority of its retail lending operations, serves consumers and mortgage originators through its wholesale and correspondent channels. It also provides products like its USDA one-time close construction loans, proprietary down payment assistance program and reverse mortgage division for borrowers and TPOs.
“Click n’ Close, a long-time client, had been seeking a way to support their correspondent lenders who don’t have the resources nor the relationships to support conducting transactions with eNotes,” Brian D. Pannell, DocMagic’s chief eServicing executive, said.