| Title: | Fannie Mae Contributes SMART Doc® Validation Patent to MISMO® |
| Source: | MISMO |
| Date: | 3/18/2008 |
Contacts:
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Dallas, TX (March 18, 2008) — MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), and Fannie Mae today announced
that Fannie Mae has contributed a new patent to MISMO under the MISMO Intellectual Property Rights Policy so that it may be
used by the real estate finance industry on a royalty-free basis.
“This contribution of a SMART Doc validation method is another example of Fannie Mae’s ongoing support for open standards
and eMortgage adoption,” said Harry Gardner, MBA’s Vice President of Industry Technology and head of MISMO. “We thank Fannie
Mae for their support and are pleased to make this intellectual property available to the industry. It will undoubtedly help
as we continue down the path toward industry-wide eMortgages.”
The SMART Doc specification was originally licensed to MISMO in 2002 by Fannie Mae, and then developed and released as an
open industry standard for electronic documents. The new patent, which was granted to Fannie Mae this past November, defines
processes for validating the VIEW and DATA sections of a SMART® document with automated systems. Additionally, the processes
can enable “lights-out” post-closing and certification, two critical elements within the automated transaction process.
“Fannie Mae supports the need for industry-wide standards for eMortgages as they increase efficiency and transparency while
driving down costs and improving accuracy,” said Mark Oliphant, Director of Business Strategy for Automated Business Solutions
at Fannie Mae. “This contribution will help the industry in the movement toward paperless processing and the realization
of its full business value within real estate finance transactions.”
MISMO has been publishing voluntary eMortgage and electronic data standards since 2000. The patent number is US 7,299,408.