MISMO eMortgage Workgroup announced today the release of eMortgage Guidelines and Recommendations version 1.0 to the industry

January 10, 2003

This release comprises a number of specifications and supporting documents that provide a framework for implementing paperless mortgages with electronic signatures. The framework centers on the concept of a Securable, Manageable, Archivable, Retrievable, Transferable (SMART) Document, which binds data, presentation and signature(s) into a single electronic file. Specifications and guidelines are also provided for ePackaging (which allows multiple electronic documents or even hierarchical ePackages to be bundled together), eMessaging (which leverages the proven MISMO extensible markup language [XML] Request/Response architecture), and eVaulting (for storage and retrieval of eNotes and other supporting documents).

"A lot of hard work has gone into this release, and we are thankful for the many industry volunteers that made this possible," said Mike Petrie, vice chairman of the Mortgage Bankers Association of America (MBA). "eMortgages are here - the industry can agree on data formats and infrastructure while still competing on processes, customer service and ease of use. Consistency and portability of eMortgages will benefit the industry as a whole and lead to faster, cheaper, better processes in the long run."

"We are pleased that MISMO has published these standards," said Mark Oliphant, principal, eMortgage Solutions, Fannie Mae. "In particular, we believe that SMART Documents are the key to unlocking the potential electronic mortgages hold for the industry. This is a big step forward to broader adoption of eMortgages."

The eMortgage Workgroup is already working toward its next release, which will include Implementation Guides, an industry support infrastructure for technical questions, discussions and user forums, and additional enhancements to the specifications and supporting documents.

MBA established MISMO in January 2000 to develop, promote and maintain electronic commerce standards for the commercial/multifamily and residential mortgage industries. The eMortgage Workgroup was launched in January 2001.

"This is a step in the right direction for eMortgages," said Jim Johnson, Freddie Mac vice president of asset acquisition and data validation. "In today's rapidly changing marketplace, it's important to have systems based on open standards to simplify the technology integration process between all the mortgage industry participants. To create a streamlined workflow among lenders, services providers and others in the industry, we need interconnecting capabilities that eliminate the re-keying of information by numerous parties and increases the integrity of mortgage data."

There are more than 90 MISMO subscriber organizations, and more than 500 individual participants. Subscriber organizations include Freddie Mac and Fannie Mae and a diverse group of real estate finance-related businesses such as originators, multi-service, mortgage insurance, servicing, credit reporting, land title, secondary, mortgage brokers, hazard and flood insurance and tax service companies.

The eMortgage guidelines and specifications may be freely downloaded from the MISMO Web site at www.mismo.org.

Source: Mortgage Bankers Association

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