CMG Mortgage, a San Ramon, Calif.-based lender, reports that it has completed an e-note mortgage transaction on an independent warehouse line and sold the loan directly to a government-sponsored enterprise, making the company among the first nondepository mortgage lenders to do so.
‘This is a milestone event in the industry, and it opens a door to the most convenient and secure way for a consumer to complete the mortgage process, while at the same time providing us with greatly enhanced operational efficiencies,’ says Christopher M. George, CMG's founder and CEO.
With an e-note, a borrower reviews and signs the note electronically, and the note is transferred electronically.
CMG worked with Cherry Hill, N.J.-based Cooper River Financial LLC to structure the e-warehouse capability behind the transaction.
SOURCE: CMG Mortgage