MBA Board Endorses E-Mortgages

The board of directors of the Mortgage Bankers Association, Washington, has passed a resolution that endorses the adoption by the industry of residential and commercial electronic mortgages.The decision is said to be based on a recommendation from the board of directors' technology steering committee. Specifically, the resolution noted that "the use of residential and commercial e-mortgages, based on open standards, is a significant mechanism for simplifying the mortgage process and creating other efficiencies that will reduce costs for all market participants." The MBA intends to establish e-mortgage standards and best practices, and applying its resources accordingly, including its ongoing financial support of the Mortgage Industry Standards Maintenance Organization. The MBA stated that e-mortgages will help its members stay "ahead of the curve," and the MBA will provide its members educational and training materials. For additional information, visit MBA's Web site, http://www.mortgagebankers.org.