WASHINGTON - Fannie Mae has released guidance and data specifications for the delivery of single-family electronic mortgages.
It said the information, released Wednesday, will help lenders prepare their internal systems for originating and servicing electronic mortgages that can be delivered to Fannie Mae. The guidelines include general legal and technology requirements that lenders must follow to deliver electronic mortgages to Fannie Mae.
"Electronic mortgages have the potential to transform the mortgage origination process," said Michael J. Williams, president of e-business at Fannie Mae. "Fannie Mae is committed to leading the way to broader acceptance of e-mortgages, and this initial guidance is a landmark first step in that direction. E-mortgages will eliminate significant amounts of paper, reduce time, and ultimately lower costs for lenders and consumers alike."
Though it has not begun to accept many electronic mortgages, Fannie Mae in July bought the first electronic mortgage delivered into the secondary market.
Compiled by Robert Julavits.