MISMO eMortgage Update

1
MISMO / eMortgage Update

• Harry Gardner, MBA
• presented before
• the PRIA Technology Committee

2
What well discuss today

• MISMO and eMortgage Updates
• MX Compliance
• QA

3
MISMO Updates

• MISMO, Inc.
• New workgroups
• Fraud Detection
• Document Classification
• AWG publishing zero-delta schema 2.x
• New / updated transactions
• Loan Delivery, Product/Price, Multi-Service,
  Property, and more

4
MISMO Updates cont

• All infrastructure now hosted in-house
• Websites
• Listservs
• SharePoint Team Collaboration
• Contivo XML Repository
• MX Compliance

5
MISMO Organization
Board of Directors
eMortgage
Commercial
Governance
SMART Doc
ePackaging
eMortgage
eMessaging
Origination
eVaulting
Servicing
ROI
Core Data
I-Guide
LDD
eRecording
CMSA
Core Data
eNotarization
PRIA
Logical Data Dictionary
SPeRS
Document Classification
Residential Process Area
Workgroups

Secondary
Real Estate Services
Real Estate Property Information
Fraud Detection
Tax
Servicing
MI
Credit
Title
Flood
Appraisal Institute
ALTA
Hazard
Multi-Services
6
eMortgage Updates

• eMortgage Guide 1.0 Oct 05
• eVaulting I-Guide 2.0 Oct 05
• SMART Doc Spec 1.1 to be released soon
• eMortgage ROI analysis, template
• F2F meeting July 25-26, Buffalo
• MERS eRegistry
• Fannie, Freddie movement

7
eMortgage Process Flow
Legal eDocs (Land records, tax liens, other
docs/affidavits)
eRecording
eClosing
eSignatures
eNotarization
Buyer
Seller
8
SMART Document Concept
Securable Manageable Archivable Retrievable Transf
erable
Header
Document type, other info
Data
XML Data (lights-out processing)
Maps View fields into Data
ltClosingDategt20030501 lt/ClosingDategt
Map
View
What the buyer sees and signs
History of events
Audit Trail
May 1, 2003 Closing Date
Signatures
Electronic or digital signatures buyer, seller,
et al
Tamper-Evident Signature
9
Levels of SMARTness
1
2
3
Category
4
5
6
7
XHTML
XHTML
Image
Image
SVG
SVG
VIEW Type
ARCs?
XML
XML
XML
XML
XML Data?
eNotes other critical docs
Fully SMART docs with easier VIEW
Scanned docs with or without data
Data xfer in stdzd wrapper
Why use?
10
MX Compliance Overview
11
Why measure compliance?

• Provides common understanding and level playing
  field for implementers and users of MISMO
  standards
• Builds customer confidence
• Certifies real-world implementations and helps
  prevent vaporware claims

12
MX Compliance Development

• Started over two years ago
• Sounds simple, but
• What should be measured?
• How?
• How often?
• What about custom extensions?
• Incoming vs. outgoing (request/response)
  transactions?
• and many more questions/issues

13
Who will use it?

• Someone who
• Wants to certify a product or transaction
• Wants to check certification claims of a
  potential vendor or business partner
• Wants to see a listing of who is certified

14
MXCompliance Operation

• Initial operational capability in place
• http//mxcompliance.mismo.org
• XML transaction checking
• Compliant with published DTD or
• Compliant with published DTD with extensions
• eMortgages to follow later
• Workgroups determine minimum reqts
• Started with Credit
• Others (AUS, MI) to follow soon
• Web page will list a registry of compliant
  companies and their transaction versions

15
What can be certified?

• MISMO process-area XML transactions
• Services request-response, for example
• Import transactions
• Self-attestation of successful import
• Export transactions
• Provide three instance files from system output
• With or without extensions

16
Compliance Fees

• Standard DTD - 500
• DTD with extensions - 1000
• Verification TBD, probably 50

17
Compliance Trademark

• Compliant transactions receive a registered
  trademark to use
• One-year term, with renewals
• Only good for the specific version of the
  specific transaction that was certified

18
Expectations and the Journey

• MX Compliance cant solve everything
• Interoperability
• Business rules (conforming, sub-prime, FHA, etc)
• World hunger
• Release 1.0 is first attempt
• Ongoing refinement
• Expect to tighten requirements over time

19
Questions?
20
Thank you

• Harry Gardner
• Senior Director, Industry Technology, MBA
• VP eMortgages, MISMO, Inc.
• hgardner_at_mortgagebankers.org
• 202-557-2839