This is a great article by Anthony Garritano, with Mortgage Technology Magazine. Now is the time to begin looking at your processes and determining ways to embrace this technology.  An office can take small steps in getting ready for eTechnologies.

Be proactive in your efforts to become paperless and set yourselves apart in your market by offering a better way to do business. 

Nancy G. Pratt

Director of Business Development/eStrategy Manager

PropertyInfo Corporation /eMortgage Solutions

June 17, 2010

E-Mortgages Are On The Way

By Anthony Garritano, Editor, Mortgage Technology Magazine

The Federal Housing Finance Agency has launched a major new initiative by Freddie Mac and Fannie Mae to improve the consistency and quality of data for appraisals and other loan information, said the government entity on its website. This will enhance the depth of collateral, borrower and loan data submitted to the GSEs. The Uniform Mortgage Data Program is a long-term, joint effort to create improved and uniform data standards and collection processes. The GSEs have worked with industry participants to develop the uniform standards using MISMO as its guide.

This development has prompted 57% of respondents to believe that e-mortgages will be mainstream in the next five years. We’ve heard it before, but it could just be real this time. This is a big deal. Now the industry will have access to, for one thing, appraisal data electronically in one format.

What does this mean? Surely this will bring clarity given that both GSEs are doing this jointly and that both have opted to use MISMO as the data standard of choice. Who deserves the credit for this move? Well, MERS is to be praised for managing MISMO well since the MBA opted to outsource the data standards group’s day-to-day activities.

However, without the MISMO members that volunteer their services, knowledge and expertise free of charge MISMO would not have been formed, it would not have evolved to the point where it could be an industry standard and the transparency that investors are longing for just would not be possible. These people are true visionaries. Through their efforts mortgage industry recovery will be that much easier. They don’t often get a pat on the back for a job well done, but they deserve it and much, much more.

Nancy G. Pratt

Director of Business Development/eStrategy Manager

PropertyInfo Corporation /eMortgage Solutions

Direct         317-414-4268

email       npratt@stewart.com

Any change, even a change for the better, is always accompanied by drawbacks and discomforts. – Arnold Bennett 

 P Stewart eClosingRoom™, an eco-friendly alternative.

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