Recognizing that electronic mortgage transactions continue to grow in the mortgage banking industry and are advantageous when it comes to streamlining the transaction process, MISMO, the data standard subsidiary of the Mortgage Bankers Association (MBA) and the Property Records Industry Association (PRIA) have published the Intellectual Property Rights Disclosure Draft of a Business Requirements Document.
According to the MBA, the draft lays out the business requirements that should be met when dealing with electronic document formats like MISMO SMART Doc, eSigned PDF and Adobe Intelligent Document Format, as well as Microsoft Word that has embedded XML.
“While most of today’s electronic recordations are performed from scanning paper documents, the need for eRecording of electronic documents will certainly grow across recording jurisdictions nationally as eMortgage adoption continues to grow,” said Harry Gardner, MBA’s Vice President of Industry Technology and head of MISMO. “eRecording provides many benefits to mortgage lenders, county recorders and closing agents, improving their ability to manage document volumes with fewer errors, faster turnaround and high accuracy.”

Carmelo Bramante, PRIA’s co-chair of eRecording Business & Technical Requirements Work Group, added, “The paper provides the industry with a tangible outline for implementing eRecording procedures throughout electronic document transactions. As electronic transactions at closing gain industry-wide momentum, lenders, recorders, title and closing agents will see even more benefits to the eRecording of electronic documents.”
MBA and PRIA’s Business Requirements Include the Following:
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
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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