EMortgages
From Wikipedia, the free encyclopedia
- The correct title of this article is eMortgages. The initial letter is shown capitalized due to technical restrictions.
eMortgages are electronic mortgages arranged via the internet.
In the United States they are made legally enforceable by the Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transactions Act. Standardization of eMortgages is being facilitated in the U.S. by the Mortgage Industry Standards Maintenance Organization (MISMO) eMortgage Workgroup, which builds on the existing MISMO data standards, adding data elements and electronic signature capabilities to create an infrastructure for fully electronic, or paperless, mortgages. The eMortgage infrastructure is built around the concept of a SMART Document and the SMART DOC Implementation Guide.
[edit] History
On June 30, 2000, the U.S. Congress passed the Electronic Signatures in Global and National Commerce Act, which together with the state laws like the Uniform Electronic Transactions Act enable the origination of enforceable eMortgages. On June 28, 2002, Fannie Mae announced its readiness to purchase eMortgages in the role of investor in the secondary mortgage market. In 2004, Lenders have started publishing that they are originating eMortgages
