BNY Mellon Corporate Trust (BK: 26.54 +0.30%) launched a new eVault service for its clients to receive, process and store electronic mortgage documents.
The service is the latest in the industry to provide deliver and secure storage for electronic documents. Xerox (XRX: 10.95 +1.96%) has its own MERS-compatible eVault system, introduced earlier this year.
BNY Mellon Corporate Trust is the corporate brand for The Bank of New York Mellon. The company said transforming paper-based processes into an all-electronic one boosts efficiency, creates transparency for participants to see data and exchange information and eliminates delays that come with physically mailing documents and manually entering data into computer systems allows faster delivery to the secondary market.
“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,” Rick Stanley, executive vice president and head of structured credit at BNY Mellon Corporate Trust, said in a press statement. “Documents no longer have to be printed on paper to be signed, and they don’t have to be manually shipped or physically stored. By making the mortgage process fully electronic, eVault allows lenders to reduce their costs through automation.”The eVault system integrates with the Mortgage Electronic Registration Systems (MERS), an industry-led initiative to identify and track individual mortgages and related information electronically.
