MISMO Updates eMortgage Closing Guide and eMortgage Glossary
MISMO®, the mortgage industry standards organization, is seeking feedback on recent updates MISMO has made to its eMortgage Closing Guide and related eMortgage Glossary.
The updates address hybrid eClosings and other evolutions in digital mortgages. The Guide and Glossary serve as important reference tools for those who are interested in digital/eMortgage lending.
The eMortgage Closing Guide describes general eClosing concepts, provides general guidelines for electronic closing platforms and services, and explains the legal framework surrounding electronic closing. The eMortgage Glossary is a supplemental resource of terms and descriptions related to eMortgages. The eMorgage Guide and Glossary are being released for a 45-day comment period for MISMO members.
The comment period will remain open until January 31, 2020.
Business processes and technologies are fast evolving to enable the industry to move towards supporting a fully digital mortgage. Updates to the eMortgage Closing Guide and eMortgage Glossary were necessary to reflect current industry usage and best practices related to eMortgages and hybrid electronic closings. Additional updates were made to reflect best practices in areas such as remote online notarization, electronic notarization, eRecording, eNotes and electronic warehouse transactions. The eMortgage Glossary was also updated to reflect the new secured party and delegatee structures that are now part of the MERS eRegistry.
The comment period is also intended to afford workgroup participants who worked on the eMortgage Closing Guide and eMortgage Glossary at least 30 days-notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy, http://www.mismo.org/x143276). Disclosures and comments should also be directed to email@example.com.
At this time, MISMO also requests that organizations disclose in writing any patents and patent applications that might be infringed by an organization that uses the Guide.
Release and use of MISMO standards and other resources, including eMortgage Closing Guide (http://www.mismo.org/standards-and-resources/emortgage-specifications/emortgage-closing-guide) and the eMortgage Glossary (http://www.mismo.org/standards-and-resources/emortgage-specifications/emortgage-glossary) are governed by the MISMO Intellectual Property Rights Policy.
Industry participants who have comments or questions about either the eMortgage Closing Guide or eMortgage Glossary may contact MISMO at firstname.lastname@example.org.
For more information about MISMO, visit www.mismo.org.