MISMO/eMORTGAGE UPDATE
The Mortgage Industry Standards Maintenance Organization (MISMO) is busy working on a number of projects, including two that will benefit mortgage professionals in the near future.
Guidance for PDF Usage Now in Development
MISMO’s eMortgage Workgroup has passed a motion to develop a standard approach for creating electronically signed PDF documents in accordance with Adobe® Version 1.6. Specifically, the work will focus on the various electronic signatures and document formatting that are in use throughout the industry.
It is important to note that the work is not designed to create a new document format that will compete with the current SMART Doc™ format. Instead, the eMortgage Workgroup will develop agreed upon guidance for using the document format consistently—which will make it more convenient for different institutions to handle the document throughout the mortgage process.
For more information, go to MISMO’s web site at: www.mismo.org.
SMART Doc™ Version 1.1 Coming Soon
The eMortgage Workgroup has also been awaiting the approval for the SMART Doc Version 1.1 specification.
This latest release will add some needed functionality and data requirements to the current version, including the ability to map data to the HUD-1 and title policies. The added HUD-1 data capabilities will allow mortgage professionals to create a SMART Doc HUD-1.
As a result, SMART Doc Version 1.1 should help increase productivity, as well as reduce the costs associated with one of the most complicated mortgage forms in use today.
For more information, go to MISMO’s web site at: www.mismo.org.
UPCOMING INDUSTRY EVENTS
Look for us at these upcoming events:
Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference
Washington, DC
September 6 - 8, 2006
Consumer Bankers Association (CBA) 2006 Home Equity Lending Conference
Orlando, Florida
September 10 - 13, 2006
Mortgage Bankers Association’s (MBA) Annual Convention & Expo
Chicago, Illinois
October 22 - 25, 2006
