eMortgage Guide Created to Assist Buyers
The Mortgage Industry Standards Maintenance Organization (MISMO) has come out with the first ever eMortgage Guide for the industry. The guide’s goal is to to educate the industry about eMortgage business, as well as high-level te
chnical aspects of eMortgages and their benefits.
“This guide is intended to be an executive-level guide addressing all aspects of eMortgage implementations — key concepts, benefits and ROI, legal background and industry best practices for the various steps of an eMortgage implementation,” said Igor Derensteyn, vice chair of the eMortgage Workgroup and senior vice president of eMortgage Technologies at Countrywide. “Many of the workgroup members who created this guide are experts and have generously contributed their knowledge to this release.”
Included in the guide are:
- the benefits of eMortgages
- key industry standards and concepts
- underlying legal framework and concepts
- general guidance for best practices
- sources of additional information to get started
Slowly, but steadily, the field is moving forward on eMortgage development and implementation because the resulting paperless processes promise significant time and money savings for businesses and consumers. MISMO is a nonprofit subsidiary of the Mortgage Bankers Association and the board of directors of that company recently endorsed the industry’s adoption of residential and commercial eMortgages.
During the transition from paper to eMortgages, both individual loans and loan pools may be hybrid, using combinations of paper, imaging, and electronic documents. The new guide provides a reference tool to help you move forward toward a standardized eMortgage environment.
