The Journey Toward Accepting eNotes

Researched Thoroughly

• Attended demonstrations of eNotes and eVaults
• Attended MISMO^® (Mortgage Industry Standards Maintenance Organization) events and worked with industry professionals to better understand best practices and standards

Engaged with Subject Matter Experts

• Met with industry participants who are originating, selling and buying eNotes
• Engaged the services of a professional to help Banks bridge the requirements with regulations
• Provided stakeholder feedback to MERS^® as part of its development of the Secured Party field to ensure the FHLBs' interest in eNotes is reflected on the MERS eRegistry

Completed Key Action Steps

• Formed working groups consisting of all 11 FHLBanks (the System) to evaluate eNotes as eligible collateral
• Formed a System legal group to review agreements and requirements
• Developed a governance committee and charter
• Developed a strategic roadmap and implementation plan