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Presenting a live 90-minute webinar with interactive Q&AE-Signatures and Electronic Documentationin Real Estate Finance: ESIGN and UETA,Interplay With UCCEnforceability, Authentication, and Admissibility; MERS and TransferabilityTUESDAY, FEBRUARY 1, 20221pm Eastern 12pm Central 11am Mountain 10am PacificToday’s faculty features:Jane E. Bond, Managing Partner of Florida Litigation, McCalla Raymer Leibert Pierce, LLC,Orlando, FLSharon McGann-Horstkamp, General Counsel, MERSCORP Holdings, Inc., Reston, VADavid Whitaker, Of Counsel, DLA Piper LLP, Chicago, ILThe audio portion of the conference may be accessed via the telephone or by using your computer'sspeakers. Please refer to the instructions emailed to registrants for additional information. If youhave any questions, please contact Customer Service at 1-800-926-7926 ext. 1.

Tips for Optimal QualityFOR LIVE EVENT ONLYSound QualityIf you are listening via your computer speakers, please note that the qualityof your sound will vary depending on the speed and quality of your internetconnection.If the sound quality is not satisfactory, you may listen via the phone: dial1-877-447-0294 and enter your Conference ID and PIN when prompted.Otherwise, please send us a chat or e-mail [email protected] immediatelyso we can address the problem.If you dialed in and have any difficulties during the call, press *0 for assistance.Viewing QualityTo maximize your screen, press the ‘Full Screen’ symbol located on the bottomright of the slides. To exit full screen, press the Esc button.

Continuing Education CreditsFOR LIVE EVENT ONLYIn order for us to process your continuing education credit, you must confirm yourparticipation in this webinar by completing and submitting the AttendanceAffirmation/Evaluation after the webinar.A link to the Attendance Affirmation/Evaluation will be in the thank you emailthat you will receive immediately following the program.For additional information about continuing education, call us at 1-800-926-7926ext. 2.

Program MaterialsFOR LIVE EVENT ONLYIf you have not printed the conference materials for this program, please completethe following steps: Click on the link to the PDF of the slides for today’s program, which is locatedto the right of the slides, just above the Q&A box. The PDF will open a separate tab/window. Print the slides by clicking on theprinter icon.Recording our programs is not permitted. However, today's participants canorder a recorded version of this event at a special attendee price. Please callCustomer Service at 800-926-7926 ext.1 or visit Strafford’s websiteat www.straffordpub.com.

E-signatures and Electronic Documentation in RealEstate Finance: ESIGN and UETA, eNotes and theMERS eRegistry and eNote EnforcementStrafford Webinar – February 1, 2022 ICE Mortgage Technology. All rights reserved. 1/28/2022

Overview of the eCommerce LawsR. David WhitakerDLA Piper LLP

General Rule of Validity – The eCommerce Laws The general rule of validity is that a signature, contract, or other recordrelated to any transaction in or affecting interstate or foreign commercemay not be denied legal effect, validity, or enforceability solely becauseit is in electronic form. The admissibility of an electronic record cannot be denied solelybecause it is in electronic form. ESIGN and UETA only affect laws imposing writing or signingrequirements and do not affect: Substantive protections of any law, including consumer protection laws; or The content, timing or format of disclosures required by law. ICE Mortgage Technology. All rights reserved. 1/28/2022

Electronic Signatures: The Legal Definition ESIGN and UETA give legal force and effect to electronicsignatures. The law defines an electronic signature as: an electronic sound, symbol or process attached or logically associated with a contract or other record, and Executed or adopted by a person with the intent to sign the record. Examples of sounds and symbols: Typed names, PIN,Password, a click, a digitized picture of handwritten signature,or a digital signature Example of process: Dual-key encryption ICE Mortgage Technology. All rights reserved. 1/28/2022

Implementing Electronic Records and Signatures:Consent Consent required: Both UETA and ESIGN are “opt-in” statutes For business-to-business transactions, and consumer transactionsunder UETA, consent may be Express Inferred from the circumstance For consumer transactions under ESIGN, consent must be express inmost circumstances ICE Mortgage Technology. All rights reserved. 1/28/2022

Electronic Retention of Records: ESIGN and UETA ESIGN and UETA allow copies of contracts and state and federaldisclosures to be retained electronically so long as the contract or otherrecord: Accurately reflects the information set forth in the contract or other record; Remains accessible to all persons who are entitled to access by statute,regulation, or rule of law, for the period required by such statute, regulation, orrule of law in a form that is capable of being accurately reproduced for laterreference, whether by transmission, printing, or otherwise Electronic records meeting this test can satisfy “original” requirements Consequences for failure to retain appropriately Impaired enforceability May not satisfy regulatory writing, delivery or signing requirements May not be admissible in court ICE Mortgage Technology. All rights reserved. 1/28/2022

ESIGN or UETA – Which Law Applies? It is likely that both ESIGN and UETA will apply to thetransaction. ESIGN allows state to modify, limit or supersede section 101 ofESIGN: By adopting the official version of UETA or By adopting a state alternative that is consistent with ESIGN. ICE Mortgage Technology. All rights reserved. 1/28/2022

Legality of eNotes Federal ESIGN Act Governs electronic promissory notes secured by real property (state law,including the Uniform Electronic Transactions Act, is preempted). ESIGN copiedthe Uniform Electronic Transaction Act’s (UETA) provisions covering the conceptof a “transferable record,” which includes electronic promissory notes, almostverbatim. An eNote meeting certain criteria has the two primary attributes of apaper negotiable promissory note when purchased for value, in goodfaith, without knowledge of defenses: Freedom from most defenses based on actions of prior owners; and Freedom from most third-party claims. ICE Mortgage Technology. All rights reserved. 1/28/2022

Paper Promissory Note v. eNote Characteristics of a paper based negotiable promissory note – UCC Art. 3 Written document, signed by maker, contains unconditional promise to pay a certainsum of money on delivery or at a definite time. Transferred by indorsement, delivery and possession of the note Characteristics of a Transferable Record (eNote) Would be a note under Article 3 of the UCC if the electronic record were in writing;The issuer of the electronic record expressly has agreed is a transferable record;The eNote is electronically signed and issued;Physical delivery, possession and endorsement are not required;And ICE Mortgage Technology. All rights reserved. 1/28/202213

Control of eNotes If - The identity of the person entitled to enforce the eNote can bereliably determined from the eNote itself, or a method employed for recording, registering, or otherwise evidencing thetransfer of interests in the eNote. Then - The identified person is said to be “in Control” of the eNote –the “Controller” – and is entitled to enforce the eNote, with thesame rights as a holder of a negotiable promissory note. ICE Mortgage Technology. All rights reserved. 1/28/2022

Legal Framework – Control The eCommerce Laws provide a safe harbor for satisfying the rulesestablishing “Control”. Under the Safe Harbor provisions, theTransferable Record must be created, stored, and assigned so that thefollowing conditions are met: A single authoritative copy of the record exists that is unique, identifiable, and(except for permitted revisions under UETA), unalterable; The authoritative copy identifies the person asserting control as either the personto whom the Transferable Record was issued or the person to whom theTransferable Record was most recently transferred; The authoritative copy is communicated to and maintained by the person assertingcontrol or his designated custodian;PROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202215

Legal Framework – Control Continued Safe Harbor provisions continued: Copies or revisions that add or change an identified assignee of the authoritativecopy can be made only with the consent of the person asserting control; Each copy of the authoritative copy and any copy of a copy is readily identifiable asa copy that is not the authoritative copy; and Any revision of the authoritative copy is readily identifiable as an authorized orunauthorized revision.PROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202216

Authoritative Copy of eNote The Authoritative Copy must be: UNIQUE (must have a characteristic that distinguishes it from other copies, like awatermark or control number), IDENTIFIABLE (agreement or a system rule to specify or describe the uniquefeature that identifies the Authoritative Copy), and UNALTERABLE (w/o detection).PROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202217

Transfer of Control and Authoritative Copy –ExampleController/transferor initiatestransfer of controland locationAuthoritative Copytransferred to transferor’seVault cloud partitionInstruction sent totransferor’s server-sideeVaultCopy of documentssent to transfereeFor reviewTransferor’s bankreceives funds and advisestransferorTransfer profferedTo transferee’s e Vault cloud partitionTransfer registered on MERSeRegistryTransferee getsnotice of profferedtransferTransferee authorizes bank totransfer funds to transferorTransfereereviews docsfor compliancewith agreementandacceptstransferAuthoritative copymoved to transferee’sserver-side eVault ICE Mortgage Technology. All rights reserved. 1/28/2022

Converting an eNote to a Paper Original GSE Uniform Instruments include language authorizing conversion of aneNote to a paper original negotiable promissory note Provisions of the eNote language are carefully crafted to dovetail with existing judicial precedentgoverning negotiable instruments: Borrower agrees that converted paper note is being issued with borrower’s authority, Borrower adopts symbol as signature to be applied to converted paper note at the time eNoteis executed, Full record of prior transfers of control must be appended to converted paper promissory note,and Authoritative copy of transferable record is destroyed or otherwise decommissioned. One-way process – once conversion has occurred, the paper note controls and should be treatedjust like any other original, paper negotiable promissory note.PROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202219

Converting an eNote to a Paper Original(Fannie Mae/Freddie Mac Uniform Note Section 11, or Section 12 in the case of ARM eNotes) of the eNotebefore the signature line.“ISSUANCE OF TRANSFERABLE RECORD; IDENTIFICATION OF NOTE HOLDER; CONVERSIONFROM ELECTRONIC NOTE TO PAPER-BASED NOTE(D) I expressly agree that the Note Holder and any person to whom this Electronic Note is later transferred shallhave the right to convert this Electronic Note at any time into a paper-based Note (the "Paper-Based Note"). Inthe event this Electronic Note is converted into a Paper-Based Note, I further expressly agree that the PaperBased Note will be an effective, enforceable and valid negotiable instrument governed by the applicableprovisions of the Uniform Commercial Code in effect in the jurisdiction where the Property is located; mysigning of this Electronic Note will be deemed issuance and delivery of the Paper-Based Note; I intend that theprinting of the representation of my Electronic Signature upon the Paper-Based Note from the system in whichthe Electronic Note is stored will be my original signature on the Paper-Based Note and will serve to indicatemy present intention to authenticate the Paper-Based Note; the Paper-Based Note will be a valid original writingfor all legal purposes; and upon conversion to a Paper-Based Note, my obligations in the Electronic Note shallautomatically transfer to and be contained in the Paper-Based Note, and I intend to be bound by suchobligations. ICE Mortgage Technology. All rights reserved. 1/28/202220

Converting an eNote to a Paper Original(Fannie Mae/Freddie Mac Uniform Note Section 11, or Section 12 in the case of ARM eNotes) of the eNotebefore the signature line.“ISSUANCE OF TRANSFERABLE RECORD; IDENTIFICATION OF NOTE HOLDER; CONVERSIONFROM ELECTRONIC NOTE TO PAPER-BASED NOTE(E) Any conversion of this Electronic Note to a Paper-Based Note will be made using processes and methodsthat ensure that: (i) the information and signatures on the face of the Paper-Based Note are a complete andaccurate reproduction of those reflected on the face of this Electronic Note (whether originally handwritten ormanifested in other symbolic form); (ii) the Note Holder of this Electronic Note at the time of such conversionhas maintained control and possession of the Paper-Based Note; (iii) this Electronic Note can no longer betransferred to a new Note Holder; and (iv) the Note Holder Registry (as defined above), or any system orprocess identified in subsection (C) above, shows that this Electronic Note has been converted to a Paper-BasedNote, and delivered to the then-current Note Holder. ICE Mortgage Technology. All rights reserved. 1/28/202221

The Role of the MERS eRegistry in the Mortgage Industry’s Evolution ofMoving from Paper to eMortgagesSharon McGann HorstkampGeneral Counsel, MERSCORP Holdings, [email protected] ICE Mortgage Technology. All rights reserved. 1/28/2022

What is MERSMERSCORP Holdings, Inc. (“MERSCORP Holdings”), Part of the ICEMortgage Technology Business UnitMERS SystemMERS eRegistryMortgage ElectronicRegistration Systems, Inc.(“MERS”) ICE Mortgage Technology. All rights reserved. 1/28/202223

MERS System and MERS eRegistry by theNumbersMERS System 135,989,436 registrations (as of January 24, 2022) since inception in May 1997 Daily Registrations - typically, 15,000-20,000 5,000 MembersMERS eRegistry 1,566,467 eNote registrations (as of January 24, 2022) since inception in 2004 Daily Registrations – typically 1,300-1,600 58 Lenders actively originating eNotes ICE Mortgage Technology. All rights reserved. 1/28/202224

eNote Data: Year-Over-Year Growth ICE Mortgage Technology. All rights reserved. 1/28/202225

Benefits of eNotesSave time and moneyReduce riskLegally Supported Shorten a loan’s life cycle from origination to delivery into the secondarymarket Eliminate paper, shipping, and storage fees No endorsements, allonges, or lost note affidavits Gain capital efficiencies by: Achieving quicker warehouse turn times Improving delivery times to investors No missing signatures, documents, or files (no staring and comparing) Improve data quality, validation, and audit trail Legally supported in all states May be effectively protected against undetected alteration If managed in a properly designed information processing system, eliminatesuncertainty concerning the identity of the current person entitled to enforcethe eNote, and when that person first became entitled to enforce ICE Mortgage Technology. All rights reserved. 1/28/202226

eNote Control EcosystemMERS ormseNoteLanguageInvestorRequirementsPROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202227

What is the MERSeRegistry The MERS eRegistry is a centralized registry that is utilized by themortgage industry to meet specific legal requirements associatedwith electronic promissory notes (“eNotes”) It identifies the Controller (holder) and Location (custodian ofAuthoritative Copy) of each registered eNote It also facilitates the transfers of these rights holder positionsbetween eRegistry Participants ICE Mortgage Technology. All rights reserved. 1/28/202228

HighLeveleNoteProcessFlowStandard eNote Flow1. eNote is generated by theeVault/eClosing platform2. Borrower(s) electronicallysign the eNote3. Signed eNote isTamper-sealed4. eNote is storedin the eVault5. eNote isregistered on theMERS eRegistryREGISTER6. Copy of the eNote is sent to tradingpartner(s) via MERS eDeliveryTRANSFERPROPRIETARY7. Authorized Rights Holder positionsfor the eNote Record are transferredon the MERS eRegistry toapplicable trading partners ICE Mortgage Technology. All rights reserved. 1/28/202229

Term SheetPaper WorldElectronic WorldNegotiable InstrumentTransferable Record (‘eNote’)Original NoteAuthoritative Copy of ationEndorsement and DeliveryTransfer of ControlChain of Endorsements and DeliveryTransferable Record Audit TrailWet SignatureElectronic SignaturePROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202230

TheeNoteistheSAMEcopyforallPartieseNotes are Electronic Files and Can be DuplicatedOriginatorCopy of eNoteWarehouseLenderCopy of eNoteDocumentCustodianInvestorCopy of eNoteCopy of py of eNoteSecuredPartyCopy of eNote ICE Mortgage Technology. All rights reserved. 1/28/202231

The Role of the MERS nMaster ServicerInvestorSecured PartyCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteControllerLocation32 ICE Mortgage Technology. All rights reserved. 1/28/2022PROPRIETARY

The Role of the MERS nMaster ServicerInvestorSecured PartyCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteCopy of eNoteControllerLocation33 ICE Mortgage Technology. All rights reserved. 1/28/2022PROPRIETARY

MERS eRegistryeNote Registration The creation of an eNote: SMART Doc: An electronic document based on a MISMO (Mortgage Industry Standards Maintenance Organization) specification that locks together a document’s data, visual presentation,and signatures such that it prevents subsequent tampering and can be programmatically validated toguarantee the original document’s integrity.GSEs Uniform Instrument eNote Provisions: Includes addition of a specific provision thataddresses the electronic nature of the note including that it is a Transferable Record. This provision alsoincludes a reference to the MERS eRegistry. Mortgage Identification Number (“MIN”) Electronic execution Cryptographic hash of its contents (Signature Value or Tamperseal) Stored in an eVault Registered with the MERS eRegistry under its MINPROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202234

eNote LanguagePROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202235

Section 11 (A) and (B) eNote LanguagePROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202236

What is a Mortgage Identification Number(“MIN”)4444441-3940392939-110 UniqueNumbersOrg IDCheck DigitPROPRIETARY ICE Mortgage Technology. All rights reserved. 1/28/202237

Digital Signature/TampersealFor a successful eNote registration, MERS eRegistry stores the following information: Digital Signature and Tamperseal Date of the eNote. Digital Signature: An encrypted, algorithmically-generated string, calculated using an electronicmessage or document as input, that is used to establish the authenticity of that message or documentand its sender. Also known as a “Tamper-Evident Digital Signature” or “Tamperseal”. Tamperseal Date: The date and time a Digital Signature was applied to an electronic document. Alsoknown as a Tamper-Evident Digital Signature Date.MERS eRegistry supports two types of Registration transactions: Data Point Registration: The Registration transaction does not present the SMART Doc eNote to MERS eRegistry for Digital Signature validation. The eNote is presented for Digital Signature validation postregistration using the Data Update transaction. MERS eRegistry compares its calculated Digital Signaturevalue to the value in the SMART Doc eNote and the value presented at Registration. SMART Doc Registration: The Registration transaction presents the SMART Doc eNote for DigitalSignature validation by MERS eRegistry. MERS eRegistry compares its calculated Digital Signature value tothe value in the SMART Doc eNote. A copy of the eNote is not stored once the validation is completed. ICE Mortgage Technology. All rights reserved. 1/28/202238

The Role of eVaultsAll transactions on the MERS eRegistry aresystem-to-system and are typically initiated viainterfaces with an eVault ICE Mortgage Technology. All rights reserved. 1/28/202239

Importance of an eVaultAn electronic repository for delivery and storage of eNotesand other filesAn eVault typically has these characteristics: A user interface and system interfaces, including aninterface to the MERS eRegistry Functionality to view and print a copy of an eNoteand see its associated data (Controller, Location,Servicer, relationship to eNote, loan status, otherdocuments, etc.) Security (authorized access, transaction audit trails,back-ups, etc.) Complies with Investor requirements Provided as part of a vendor’s solutionVisit mersinc.org/eRegistry to view the current list of Technology System Providers integrated with the MERS eRegistry. ICE Mortgage Technology. All rights reserved. 1/28/202240

Importance of an eVaultAn eVault typically has functionality to: Distinguish the single authoritative copy ofan eNote it is storing from any other retainedcopies Validate the tamper seal of the eNote View and print a copy of an eNoteAn electronic repository for delivery and storage of eNotesand other files View data associated with the eNote(e.g. Controller, Location, Servicer, loanstatus, other documents, etc.) Initiate/receive transactions from theeRegistry/eDelivery systems. ICE Mortgage Technology. All rights reserved. 1/28/202241

The eNote Record at Registration ICE Mortgage Technology. All rights reserved. 1/28/202242

MERSControllerLocationMaster ServicerSubservicerSecured Party The Participant thathas control of theAuthoritative Copyof the eNote The Participantthat maintains theAuthoritative Copyof the eNote onbehalf of theController The Participantauthorized by theController toperform certainMERS eRegistrytransactions on theController’s behalf The Participantauthorized by theMaster Servicer toperform MERS eRegistrytransactions on theMaster Servicer’sbehalf The Participantthat has been sold,pledged, assigned,or granted asecurity interest inthe eNote by theController OriginatorWarehouse LenderInvestorServicer (or theparty foreclosing ona loan)Other parties asappropriate OriginatorWarehouse LenderDocumentCustodianInvestorAny authorizedparty ServicerSubservicerAny authorizedparty Subservicer Warehouse LenderCollateralizedlender (e.g.Federal HomeLoan Banks)Security Guarantorsuch as GinnieMaeWhat DoesThis RoleIndicate?Who Can BeNamed?eRegistry Rights Holders ICE Mortgage Technology. All rights reserved. 1/28/202243

Enforcement of eNotesJane E. Bond, EsquireMcCalla Raymer Leibert Pierce, [email protected] ICE Mortgage Technology. All rights reserved. 1/28/202244

Enforcement of eNotesForeclosure ProcessNon-Judicial foreclosures: Remain the same.Judicial foreclosures: Follow the same state law foreclosure process, subject todifferent terminology in the complaint, pleadings and different evidentiarystandards. ICE Mortgage Technology. All rights reserved. 1/28/202245

Loan In DefaultNeed the “Original” DocumentThe eNote is legally enforceableESIGN ActUETAFor evidentiary purposes should betreated as a paper promissory note ICE Mortgage Technology. All rights reserved. 1/28/202246

Florida eNote – First and Last Page ICE Mortgage Technology. All rights reserved. 1/28/202247

Complaint to Foreclose Copy of Mortgage and Authoritative Copy of eNote (original documents) Copy of MERS eRegistry (current controller, formerly holder)If needed: Copy of Transfer History. Under the eRegistry, the current controller is theonly entity that has access to the transfer history. It records all transfers ofthe eNote. (formerly indorsements/assignments) Certificate of Authenticity, servicers may upload this with a copy of theeNote ICE Mortgage Technology. All rights reserved. 1/28/202248

Sample eNote ICE Mortgage Technology. All rights reserved. 1/28/202249

MERS eNoteTransactionHistory50 ICE Mortgage Technology. All rights reserved. 1/28/2022

Foreclosure Support Documentation The current controller (or their delegatee) will be the plaintiff in the foreclosure case with the right toenforce the eNote. In many states, an affidavit may be needed to show the proper process andsecurity surrounding the authentication, storage and transmittal of an eNote. In many jurisdictions control of the authoritative copy of the transferable record (eNote) will need tobe transferred from the applicable GSE to the Servicer for the Servicer to enforce the Note in itsname. There is a specific process for requesting transfer of control from the GSEs to the servicer. Foreclosure complaint should reference Promissory note is an eNote, affirm that borrower executedand delivered eNote to initial Controller and attach print out image of eNote. MERS eRegistry Transaction History and MERS eRegistry Affidavit can be used to prove the currentcontroller’s standing to foreclose. To date, 237 eRegistry Affidavits have been issued. Requests along with a draft copy of the foreclosurecomplaint can be sent to [email protected] ICE Mortgage Technology. All rights reserved. 1/28/202251

Sample Language from MERS eRegistry Affidavit That I am a [INSERT TITLE] of MERSCORP Holdings, Inc., the owner and operator of the MERS eRegistry and am duly authorized to make this Affidavit and represent that I have personalknowledge of the matters contained herein. That I am familiar with the creation and maintenance of the records on the MERS eRegistrywhich is a system of record to identify the Party in control of Transferable Records (“eNotes”)evidencing loans secured by Mortgages on real property and have examined those records. The records contained in the MERS eRegistry (1) were made at or near the time of theoccurrence of the matters set forth or from information transmitted by persons having knowledgeof those matters; (2) are kept in the course of the regularly conducted activity of MERSCORPHoldings, Inc. and (3) are made as a regular practice in the course of the regularly conductedactivity of, MERSCORP Holdings, Inc. That transfers of interests in eNotes are routinely transferred in the MERS eRegistry in theordinary course of business. ICE Mortgage Technology. All rights reserved. 1/28/202252

Sample Language from MERS eRegistry Affidavit The attached exhibits are true and correct copies of information contained on the MERS eRegistry. That I have reviewed the MERS eRegistry to confirm that the entries, for Mortgage IdentificationNumber 1000001-0000000000-1, show that the eNote from Joe Borrower (the “Borrower eNote”)was successfully registered on 12/10/19 with [NAME OF Original Controller] as the Controller ofthe eNote under MERS Organizational Identification Number 1234567 (“MERS Org. ID”) and[NAME OF ENTITY FOR INITIAL LOCATION] as the Location of the eNote under MERS Org. ID1345678. See Exhibit “A”. On 12/27/19, a Transfer of Control and a Transfer of Location of the Borrower eNote occurredfrom [NAME OF Original Controller] (MERS Org. ID 1234567) and [NAME OF ENTITY FOR INITIALLOCATION] (MERS Org. ID 1345678) to XYZ (MERS Org. ID 2345678). See Exhibit “B”. ICE Mortgage Technology. All rights reserved. 1/28/202253

Sample Language from MERS eRegistry Affidavit On 1/4/20, a Transfer of Control and a Transfer of Location of theBorrower eNote occurred from XYZ (MERS Org. ID 2345678) toInvestor X (MERS Org. ID 1002345). See Exhibit “C”. On 2/3/20, a paper Modification of the Borrower eNote occurred SeeExhibit “D”. The attached eNote Information screen from the MERS eRegistryidentifies the present controller, the mortgage servicer and locationon the MERS eRegistry for the Borrower eNote. See Exhibit “E”. Affidavit is signed and notarized. ICE Mortgage Technology. All rights reserved. 1/28/202254

Right to EnforcePursuant to the Uniform Electronic Transaction Act (UETA) Person “having control” can enforce the eNote Person having control is the “holder” of the eNote and has the same rightsand defenses as the “holder” of a physical note under the UCCMany states have adopted similar definitions and standards for “authoritativecopy” and “transferrable record”, such as: NY – UCC Section 7-106 NJ – N.J.S.A. 12A:12-16 FL – Statute 668.50 IL – UCC Section 9-105 CT – C.G.S. Sections I-266 through I-286 ICE Mortgage Technology. All rights reserved. 1/28/202255

Admissibility of EvidenceUETA, ESIGN, Federal Rules of Evidence, State Rules of Evidence, and theBusiness Records Act read together and properly applied allow for theadmissibility of Enotes into evidence along with the records attendant to thestoring and transfers of eNotes.1. Self-Authenication of an eNoteCommercial Paper, Negotiable InstrumentConcern is duplicative copies2. MERS records under the Business Records Exception: will they be admitted?Records were incorporated and routinely relied upon by servicer3. Servicer and MERS affidavits or testimony may be needed. ICE Mortgage Technology. All rights reser

Feb 1, 2022