Guide for e-mortgage virtual warehouses debuts
April 1, 2005
MISMO releases eVaulting guide
The Mortgage Industry Standards Maintenance Organization, known as MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association, is releasing the first version of the eVaulting Implementation Guide, the group said today.
The guide addresses questions from lenders and document custodians regarding eVaults, the virtual warehouses used to store and retrieve eNotes and other supporting electronic mortgage documents.
"This is not a piece of credenza-ware, but a practical guide to the future. It will allow the industry to gain a better understanding of eVaults," said Chip Register, chief technology executive, Netbank and chair, MISMO's eMortgage Workgroup. "Many of the workgroup members are experts and have generously contributed their knowledge to this I-Guide release."
The product, developed by the volunteer participants of the MISMO eMortgage Workgroup, provides information on an array of topics about eVaulting in the eMortgage process, including existing law and legislative overview, agency requirements, practical considerations, data standards for eVault interfaces, eVault provider requirements, and a glossary.
The eMortgage Workgroup was established in January 2001 to develop standards, specifications and guidelines toward fully electronic mortgages that correspond to the Electronic Signatures in Global and National Commerce Act (E-SIGN) and the Uniform Electronic Transactions Act (UETA) legislation enacted by the U.S. government in 1999 and 2000.
The eVaulting I-Guide will be posted at www.mismo.org in the eMortgage section.
Copyright 2005 Inman News