There is a general trend in Mortgage Industry to use XML in their web-based applications. Mortgage Industry Standards Maintenance Organization (MISMO), established by the Mortgage Bankers Association of America (MBA), coordinates the development and maintenance of Internet based Extensible Markup Language (XML) real estate finance specifications.

The adoption of the XML underwriting standards means mortgage industry will obtain extensive benefit of reducing the time and costs of mortgage origination, positioning themselves for expanded use of e-commerce, and increasing value to homebuyers. Adoption of the common format means lenders will be able to generate a common output from their systems.

Companies in mortgage industry will get advantage of using XML digital signatures in current competitive environment. In today's e-business environment, electronic documents with e-signatures are replacing paper copies. SecureXML digital signature provides authentication, data integrity and non-repudiation to any form of data that they sign. The nature of XML digital signatures make it easy for applications to sign resources located on the Web.

The Electronic Signatures in Global and National Commerce Act specifies that in the United States, the use of a digital signature is as legally valid as a traditional signature written in ink on paper. In effect since October 1, 2000, the U.S. law is expected to save companies that use e-signatures a significant amount of money by reducing the costs of mailing and handling hard-copy contracts and similar documents. (read more)

Please contact sales@infomosaic.com to discuss your specific mortgage application needs.