Magazine article Mortgage Banking

MISMO, PRIA Release Draft eRecording Document

Magazine article Mortgage Banking

MISMO, PRIA Release Draft eRecording Document

Article excerpt

MISMO[R], the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), and the Property Records Industry Association (PRIA) announced the publication of the IPR (intellectual property rights) disclosure draft of a business requirements document.

The document, entitled eRecording Electronic Document Formatted Recordable Instruments, addresses and describes the business requirements for the eRecording of electronic recordable instruments in common electronic document formats such as MISMO SMART Doc[R], eSigned portable document file (PDF) and Adobe[R] Intelligent Document Format, and Microsoft[R] Word[R] with embedded XML.

The document also includes business function descriptions, a process-flow diagram and project assumptions, constraints and dependencies, according to Carmelo Bramante, PRIA's co-chair of the eRecording Business & Technical Requirements Work Group.

"The paper provides the industry with a tangible outline for implementing eRecording procedures throughout electronic document transactions," said Bramante. "As electronic transactions at closing gain industrywide momentum, lenders, recorders, title and closing agents will see even more benefits to the eRecording of electronic documents."

The business requirements document covers six major objectives:

* Preparing electronic instruments so that they are eRecordable;

* Uploading or transmitting electronic instruments to eClosing systems and various other platforms;

* Executing recordable electronic instruments on eClosing systems and various other platforms;

* Delivering recordable instruments electronically from eClosing systems to various eRecording applications and systems in public land-records offices;

* eRecording electronic instruments, including fee and payment information; and

* Enabling the return of eRecorded (or rejected) electronic instruments to the eClosing platforms, or the retrieval by the eClosing platforms of eRecorded (or rejected) electronic instruments. …

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