INDIANAPOLIS, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Federal Home Loan Bank Indianapolis members can now sell mortgage loans secured with eNotes through the Advantage Mortgage Purchase Program (Advantage MPP). In addition, members can now pledge eNotes as collateral when accessing the bank’s credit products.
“We’re excited to offer flexibility to our members by accepting eNotes for purchase through Advantage MPP and as pledged collateral,” said Cindy Konich, President and CEO of FHLBank Indianapolis. “Now, our members can take advantage of this emerging technology with the knowledge that FHLBank Indianapolis can accommodate qualifying eNotes transactions.”
Details of the requirements and process for accepting eNotes for purchase through Advantage MPP can be found in Bulletin 08-21 and the Advantage MPP Guide.
Information about the acceptance of eNotes for collateral can be found in our latest Credit Bulletin, Collateral Eligibility – eNotes Now Accepted for Pledge.
An eNote is much more than just an electronic signature on a document. It is created, signed, and stored electronically rather than by traditional paper documentation. Each eNote must adhere to a set of standards that ensures that their creation and storage are secure. Using digital eNotes offers several advantages for our members, for example, allowing them to complete closings remotely.
Additional resources, including past webinars, checklists, and FAQ documents, can be found on our eNotes websites below:
| Advantage MPP: eNotes for Purchase Collateral: eNotes as Eligible Collateral |
Members who have questions about how to use eNotes with FHLBank Indianapolis or are interested in learning more about eNotes should reach out to their Account Manager or contact Member Services. FHLBank Indianapolis is also planning a series of webinars about using eNotes.
Additional Background on eNotes and the Federal Home Loan Bank System
In 2020, the Federal Home Loan Bank system finalized the Electronic Promissory Notes (eNotes) Model Collateral Acceptance Requirements and Guidelines, designed to ensure consistency in eNotes use and application across the FHLBank System. These guidelines are based on federal law covering electronic signature transactions and set forth standards and requirements relating to eSignatures, eNote documentation, eClosing, eNote servicing, eRegistry, eVault, and related systems. FHLBank Indianapolis used these guidelines to aid in developing its eNotes processes and procedures.
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The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions, and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com.
