EMortgages
Encyclopedia
An eMortgage is an electronic mortgage
where the loan documentation is created, executed, transferred and stored electronically.
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 United States 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 mortgages. The eMortgage infrastructure is built around the concept of a SMART Document and the SMART DOC implementation guide.
enable the origination of enforceable electronic mortgages.
On June 28, 2002, Fannie Mae announced its readiness to purchase eMortgages in the role of investor in the secondary mortgage market
.
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
where the loan documentation is created, executed, transferred and stored electronically.
In the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
eMortgages are made legally enforceable by the Electronic Signatures in Global and National Commerce Act
Electronic Signatures in Global and National Commerce Act
The Electronic Signatures in Global and National Commerce Act is a United States federal law passed by the U.S. Congress to facilitate the use of electronic records and electronic signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into...
and the Uniform Electronic Transactions Act
Uniform Electronic Transactions Act
The Uniform Electronic Transactions Act is one of the several United States Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws . Since then 47 States, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands have adopted it into their own laws...
. Standardization
Standardization
Standardization is the process of developing and implementing technical standards.The goals of standardization can be to help with independence of single suppliers , compatibility, interoperability, safety, repeatability, or quality....
of eMortgages is being facilitated in the United States by the Mortgage Industry Standards Maintenance Organization (MISMO) eMortgage workgroup, which builds on the existing MISMO data standards, adding data elements and electronic signature
Electronic signature
An electronic signature, or e-signature, is any electronic means that indicates either that a person adopts the contents of an electronic message, or more broadly that the person who claims to have written a message is the one who wrote it . By comparison, a signature is a stylized script...
capabilities to create an infrastructure for fully electronic mortgages. The eMortgage infrastructure is built around the concept of a SMART Document and the SMART DOC implementation guide.
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 ActUniform Electronic Transactions Act
The Uniform Electronic Transactions Act is one of the several United States Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws . Since then 47 States, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands have adopted it into their own laws...
enable the origination of enforceable electronic mortgages.
On June 28, 2002, Fannie Mae announced its readiness to purchase eMortgages in the role of investor in the secondary mortgage market
Secondary mortgage market
The secondary mortgage market is the market for the sale of securities or bonds collateralized by the value of mortgage loans. The mortgage lender, commercial banks, or specialized firm will group together many loans and sell grouped loans as securities called collateralized mortgage obligations ....
.