MBA endorses e-mortgagesMortgagePress.comElectronic mortgages
The board of directors of the Mortgage Bankers Association (MBA)
recently met and passed a resolution that endorses the adoption, by
the industry, of residential and commercial electronic mortgages
(e-mortgages). Based on a recommendation from the board of
directors' technology steering committee, the resolution includes
three focus areas:
†Endorsement of the use of residential and commercial
e-mortgages, based on open standards, as a significant mechanism
for simplifying the mortgage process and creating other
efficiencies that will reduce costs for all market participants,
including consumers, over the long-term.
†MBA will establish e-mortgage standards and best practices,
and apply its resources accordingly, including the continuation of
its financial support of the Mortgage Industry Standards
Maintenance Organization (MISMO), a not-for-profit subsidiary of
MBA that develops data transfer and file specifications that span
the $9 trillion residential and commercial real estate finance
†MBA hopes to help its members stay "ahead of the curve"
through advanced educational and training materials regarding
"This is a very important step for MBA," said John Robbins,
president and chief executive officer of American Mortgage Network
and chair of the MBA board of directors' technology steering
committee. "It reaffirms MBA's commitment [to] building
best-of-breed solutions that will benefit the entire industry and
ultimately, the consumer, as we move forward into the next era of
truly paperless mortgages."
For more information, visit www.mortgagebankers.com.