Industry News

Industry sees first eMortgage guide

Standards group releases guide to explain key concepts, benefits, technology

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The Mortgage Industry Standards Maintenance Organization, or MISMO for short, has released the first eMortgage Guide for the mortgage industry. The guide aims to educate the industry about eMortgage business, as well as high-level technical aspects of eMortgages and their benefits. MISMO is a nonprofit subsidiary of the Mortgage Bankers Association. "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." The guide provides an overview of the eMortgage landscape as it exists today, including: the benefits of eMortgages, key industry standards...