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Encyclopedia > EMortgages

eMortgages are electronic mortgages arranged via the internet. The Internet is the worldwide, publicly accessible network of interconnected computer networks that transmit data by packet switching using the standard Internet Protocol (IP). ... Introduction A mortgage is a device used to create a lien on real estate by contract. ...


In the United States they 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 U.S. 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, or paperless, mortgages. The eMortgage infrastructure is built around the concept of a SMART Document and the SMART DOC Implementation Guide. An unenforceable contract or transaction is one that is valid, but which the court will not enforce. ... On June 30, 2000, the United States Congress enacted the Electronic Signatures in Global and National Commerce Act (ESIGN) to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically. ... The Uniform Electronic Transactions Act (UETA) is one of the several Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws (NCCUSL). ... Standardization, in the context related to technologies and industries, is the process of establishing a technical standard among competing entities in a market, where this will bring benefits without hurting competition. ... The term electronic signature has several meanings. ... A SMART Document is an electronic document that binds together the data, page view, and signature(s) into a single electronic file. ...


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 Act enable the origination of enforceable eMortgages. On June 28, 2002, Fannie Mae announced its readiness to purchase eMortgages in the role of investor in the secondary mortgage market. In 2004, Lenders have started publishing that they are originating eMortgages The Uniform Electronic Transactions Act (UETA) is one of the several Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws (NCCUSL). ... The United States Federal Government created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). ... A market in which existing mortgages and mortgage-backed securities are traded. ...


External links


  Results from FactBites:
 
NetOxygen Loan Origination Software White Paper (2719 words)
The primary responsibility for the eMortgage standards resides with the eMortgage Workgroup.
The eMortgage Workgroup was established in January 2001 to develop electronic formatting and presentation specifications for electronic mortgage documents, along with specifications for the storage of electronic documents, otherwise known as eVaulting.
The second component of the eMortgage equation is the adoption of a Public Key Infrastructure (PKI) that provides for the means to digitally sign SMART documents and enables their secure transfer.
  More results at FactBites »

 
 

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