LA HABRA, Calif. – American First CU announced yesterday it has begun originating and funding mortgages online under a pilot with Fannie Mae, the first credit union in the state to offer fully electronic mortgages. The electronic mortgages were created in conjunction with Fannie Mae, Settleware Secure Services and Mortgage Electronic Registration System under a pilot program that will be marketed to other credit unions and banks. Each party plays a role: Settleware offers technology for the preparation, digital signature and delivery/transfer; MERS provides the ability to e-register the loan for public record; while Fannie Mae electronically purchases and funds the loan.
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