Legally binding, paperless mortgage from loan application to investor delivery are known as eMortgages.

Law Cooperates With Them

For this electronic revolution the new laws are paved way in the industry that will completely eliminate paper forms in eventually. In 2000, passage of the Federal Electronic Signatures Acted and the Uniform Electronic Transactions Act (UETA) opened the door to electronic commerce in the banking and mortgage industries. Electronic signatures may be used under these new laws, wherever existing law states that a document must be signed. As wet signatures, e-signatures hold the same legal weight.

The Industry Encourage Them

The Mortgage Bankers Association (MBA) formed the Mortgage Industry Standards Maintenance Organization (MISMO) in January 2000. MISMO has created a set of data exchange standards and is working on additional standards. The standard format for electronic closing documents has been dubbed SMART (Securable, Manageable, Achievable, Retrievable, and Transferable) document specification.

Technology Is Ready

Both simontiously uses of XHTML and XML, the technology provides possible integration between data and on a form or image the data represents. For which in its raw forms information is easily readable and transferable.

The Primary Benefits

In electronic validation and secure transfer of data and documents have lower operational costs, errors and omissions are reduced and accuracy is increased in primary benefits. And in significantly e-mortgages deliver is improving in efficiently and profitability over traditional loan closing.

E-mortgages enable for lenders and their customers to:

Eliminate surprises and redundancy at all stages in the loan process
From investor delivery, to closing and processing, the streamline and automate papers are processing.
Provide electronic documents with legally binding, easily stored, retrieved and with secure.
Save at least $125-$180 per loan
Cut processing time by over 50 percent
Improve accuracy of all documents
Do it right the first and every time
E-mortgage Alliance Members

The e-mortgage Alliance represents a consortium of companies that are collaborating to deliver a more accurate, efficient way of doing business. Each member offers critical technology in its own respective category for e-mortgages. Collectively or independently, members help deliver a paperless process to dramatically reduce the review, validation, re-keying and re-validation of information throughout the mortgage process, streamlining the review and data entry processes throughout the mortgage operation. Members of the e-mortgage Alliance support the current MISMO standards and are ready for deployment today.