home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.



Vital Standards Adopted For Paperless Transactions
Mortgage Bankers, Fannie agree on framework that will make e-mortgages a reality

May 8, 2001

By Sam Garcia

The Mortgage Industry Standards Maintenance Organization (MISMO) -- an independent industry body comprised of mortgage bankers, technology companies, and key industry players, including Fannie Mae and Freddie Mac -- will oversee the development, adoption, and implementation of a framework for standard electronic mortgage transactions. This is according to a joint announcement yesterday from the country's largest lender, Fannie Mae, and the association that represents American mortgage bankers, the Mortgage Bankers Association of American (MBA). The announcement was made from the MBA National Secondary Market Conference being held this week in Orlando, Florida.

According to the announcement, the creation and adoption of the standards is vital to the goal of "paperless" electronic or Internet mortgage transactions. "Transparent standards developed by an independent industry body are key to ensuring a level playing field in the deployment of new technologies," said Andy Woodward, president of MBA. "Today's agreement will speed the process of bringing innovative technology to the nation's mortgage lending system while ensuring industry wide participation in designing and maintaining the standards for electronic transactions".

Industry executives are mixed on how long it will be until e-mortgages represent the majority of all mortgage transactions. However, because "the creation of transparent industry electronic transaction standards will allow e-mortgages to cut costs and streamline the process," as Fannie Mae Vice Chair Jamie Gorelick said in the announcement, the industry may be more motivated to move the process along.

The agreement covers the following three areas, which address a wide range of issues critical to the development and deployment of electronic transactions.

  • Fannie will support development and adoption of transparent industry data and transaction standards through MISMO
  • Fannie will support the development and adoption of uniform, industry wide public key infrastructure security system through an independent industry wide body, the Real Estate Finance Security Management Organization (REFSMO)
  • Fannie and MBA will work together on development of e-mortgage standardization effort, and Fannie intends to adopt industry wide directives that emerge from this effort.

According to the agreement, REFSMO is responsible for creating and maintaining Public Key Infrastructure standards for the real estate industry, and it is charged with creating recommendations and guidelines regarding the issuance and use of certificates and digital signatures within the industry.


Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: [email protected]

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders