MISMO Releases eMortgage Tool for Lenders

ORLANDO, Fla. – The Mortgage Industry Standards Maintenance Organization (MISMO) has released Version 1.0 of its eMortgage Guide. The Guide is intended to educate the mortgage industry about eMortgages, the technical aspects of eMortgage implementations and their potential benefits. Among the topics covered are benefits of eMortgages, key industry standards and concepts, underlying legal framework and concepts, general guidance for best practices, and sources of additional information to get started. MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association, said the mortgage industry is slowly but steadily moving forward on eMortgage development and implementation because the resulting paperless processes will provide significant savings of time and money for business and consumers. The MBA Board recently endorsed the adoption, by the mortgage industry, of residential and commercial eMortgages.