MISMO Releases eMortgage Guide

The first version of an electronic mortgage guide has been released by the Mortgage Industry Standards Maintenance Organization, a not-for-profit subsidiary of the Mortgage Bankers Association.Version 1.0 of the MISMO eMortgage Guide "is intended to be an executive-level guide addressing all aspects of eMortgage implementations -- key concepts, benefits and ROI, legal background, and industry best practices for the various steps of an e-mortgage implementation," said Igor Derensteyn, vice chair of MISMO's eMortgage Workgroup and senior vice president of e-mortgage technologies at Countrywide. The guide provides an overview of e-mortgages, including key industry standards, the legal framework, guidance for best practices, and sources of additional information. The product was developed by the eMortgage Workgroup, which was established in January 2001 to develop standards, specifications, and guidelines for paperless mortgages that correspond to federal legislation enacted in 1999 and 2000. MISMO can be found online at http://www.mismo.org.