LA HABRA, Calif. — American First Credit Union says it's now the first credit union in California that can take a mortgage from application through sale to Fannie Mae completely electronically.
The new capability is the result of a pilot program begun in 2006 by American First, Settleware Secure Services Inc., the Mortgage Electronic Registration System (MERS) and Fannie Mae, the largest secondary market investor in the mortgage industry.
Settleware provides the technology to prepare, digitally sign and deliver electronic mortgage notes, while MERS provides the ability to electronically register the loan for public record. Fannie Mae electronically purchases the note from the credit union.
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"Such a solution didn't exist before, so we built it," says Rick Triola, CEO and founder of Settleware Secure Services.
"The electronic process decreases the loan funding time from hours to minutes, and eliminates the need and expense of sending large documents via courier," says Carlos Miramontez, vice president of lending at $651 million American First (www.amerfirst.org).
"As an investor in e-Mortgages, we applaud American First Credit Union for embracing e-Mortgages as a new way of originating loans," says Mark Oliphant, director of Fannie Mae's single family mortgage business.
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