MERSCORP Holdings Partners with the Federal Home Loan Banks on eNote Acceptance
17 August 2020 - 10:30PM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of data and
listings services, today announced that MERSCORP Holdings, Inc.
(MERS) has partnered with the Federal Home Loan Bank (FHLBank)
System to facilitate use of the MERS® eRegistry by FHLBank member
financial institutions wishing to pledge eNotes as collateral. MERS
is part of ICE Mortgage Services, which applies technology and
high-capacity infrastructure to make the mortgage process more
efficient and assist clients in navigating the eMortgage
ecosystem.
“The Federal Home Loan Bank system is a critical source of
housing finance and community investment liquidity for its member
institutions so its acceptance of eNotes as eligible, pledged
collateral for its lenders signifies a meaningful shift in investor
confidence around digitally executed mortgages,” said Christopher
McEntee, president of ICE Mortgage Services. “MERS has long
advocated for eMortgage adoption, and we welcome the opportunity to
support the Federal Home Loan Banks’ commitment to their member
institutions’ digital mortgage efforts.”
The 11 FHLBanks, which serve nearly 6,900 member financial
institutions across the country, announced in February they are
developing a solution that will pave the way for their members to
pledge eNotes as eligible collateral. Each individual FHLBank has
its own systems, processes, and policies regarding collateral, and
implementation timelines for each FHLBank to begin accepting eNotes
varies.
To become eligible to submit eNotes, FHLBank member financial
institutions will need to work simultaneously with their respective
FHLBank and MERS to execute the necessary legal and operational
requirements, implement a compliant eVault, and integrate with the
MERS® eRegistry to establish their respective FHLBank as the
eligible secured party of eNotes pledged as collateral.
The FHLBanks have been working with MERS to develop a process
for their members to register eNotes in the MERS® eRegistry.
Several FHLBanks expect integration to be complete in Q3 2020,
while the remaining FHLBanks are establishing the necessary
infrastructure and expect to be fully integrated in Q4 2020 and
continuing into 2021. Additional information can be found on the
websites of individual FHLBanks and at
https://www.mersinc.org/fhlb.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company
formed in the year 2000 to modernize markets. ICE serves customers
by operating the exchanges, clearing houses and information
services they rely upon to invest, trade and manage risk across
global financial and commodity markets. A leader in market data,
ICE Data Services serves the information and connectivity needs
across virtually all asset classes. As the parent company of the
New York Stock Exchange, the company is the premier venue for
raising capital in the world, driving economic growth and
transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located at
http://www.intercontinentalexchange.com/terms-of-use. Key
Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation
can be accessed on the relevant exchange website under the heading
“Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2019, as
filed with the SEC on February 6, 2020.
ICE-CORP
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ICE Media Contact: Damon Leavell Damon.Leavell@theice.com
212-323-8587
ICE Investor Contact: Warren Gardiner
Warren.Gardiner@theice.com 770-835-0114
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