An eMortgage is an electronic mortgage where loan documentation is created, executed, transferred and stored electronically.
In the United States, eMortgages are made legally enforceable by Electronic Signatures in the Global and National Trade Act and the Uniform Electronic Transaction Act. The eMortgages standardization is being facilitated in the United States by the Mortgage Industry Standards Maintenance Working Group (MISMO) eMortgage workgroup, built on existing MISMO data standards, adding data elements and electronic signature capabilities to create infrastructure for full electronic mortgages. The eMortgage infrastructure is built around the SMART Document concept and the SMART DOC implementation guide.
Video EMortgages
History
On June 30, 2000, the US Congress issued Electronic Signatures in the Global and National Trade Act, which together with state law such as the Uniform Electronic Transaction Act enabled the possible electronic mortgage origination.
On June 28, 2002, Fannie Mae announced her readiness to buy eMortgages in investor role in the secondary mortgage market.
Maps EMortgages
References
External links
- Mortgage Industry Standard Maintenance Organization (MISMO): electronic mortgage guidance and recommendations
- Electronic Signatures and eMortgages
- Who Needs Paper, Not Flag Flag
- Mortgage Electronics Registration System, Inc. (MERS)
Source of the article : Wikipedia
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