Industry News

Mortgage bankers endorse electronic real estate loans

Advocates 'move forward' with paperless transaction

A major mortgage banking association has endorsed the adoption of residential and commercial electronic mortgages. The board of directors of the Mortgage Bankers Association passed a resolution endorsing electronic mortgages based on a recommendation from the board of directors' Technology Steering Committee, the MBA said Thursday. The resolution includes three focus areas: Endorsement of the use of residential and commercial electronic mortgages, based on open standards, to simplify the mortgage process and create other efficiencies that will reduce costs for all market participants, including consumers, over the long-term. MBA will establish electronic mortgage standards and best practices, and continue to financially support the Mortgage Industry Standards Maintenance Organization. MISMO is a not-for-profit MBA subsidiary that develops data transfer and file specifications for residential and commercial real estate transactions. MBA will provide advanced educational and train...