eMortgages
From Wikipedia, the free encyclopedia
An eMortgage is an electronic mortgages where all the loan documentation is created electronically, executed electronically, transferred electronically and stored electronically. AKA- A True Paperless Mortgage.
Also see the Mortgage Bankers Association definition. [1]
In the United States eMortgages 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[2] 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.[3]
In 2007, "Wholesale Lenders" (Lenders that work with mortgage brokers) started offering mortgage brokers the opportunity to originate eMortgages, pointing to a more widespread industry adoption of eMortgages. [4][5]<
