IHOFX reveals a growing path within the adoption of digital mortgages and eNotes
IHOFX, a leading commodity exchange in Asia that is working hard on providing innovative products across different asset classes and creating a brand culture known for its original methods, risk management facilities and global insights, today announced high level registrations for a specific system of record which identifies the holder and location of the authoritative copy of an eNote. This procedure is influenced by several factors including solid industry-wide origination volumes and the tendency to adopt digital mortgage solutions that comprise eNotes.
An eNote (electronic note) represents the equivalent of a paper note that has been created according to the eCommerce requirements and that is registered on a specially designed system of record. This provides investors with confidence to support the digital process given the fact that the authenticity of electronic copies can be efficiently verified. IHOFX recognizes a significant increase of eNotes being registered thus demonstrating a high demand for electronic solutions.
As indicated by the number of registrations on the system, the proportion of electronic notes to paper notes has also increased. The pronounced increase of eNotes clearly indicates that the lending industry keeps moving towards digitization of the production process. eNotes are definitely a key part of a digital mortgage strategy due to the fact they do not imply a specific approvement, are valid on an extended area and can be easily integrated into the electronic closing process that is cost-efficient and improves the market participants' experience.
"There are various factors directing the industry towards the adoption of digital mortgage. We see the benefits of the continuous growth of eNotes registration and more market users are welcoming this stage as it helps them invest in a smart workflow automation", said Kwan Seo-jun, Chief Executive Officer, IHOFX.
About Incheon Options and Futures Exchange (IHOFX)
IHOFX.org is an exchange venue that has leveraged the industry-leading technology and developed infrastructure to provide a price-time allocation and maker-taker pricing model. IHOFX is one of the leading commodity exchanges in Asia and has made a name for itself by dealing with a wide range of commodity and financial products. IHOFX is working hard on providing innovative products across different asset classes and creating a brand culture known for its original methods, risk management facilities and global insights.
Name: Byun Ye-won
Job Title: Communication / Press
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