Fannie Mae recently announced that next year, it will be transitioning the eNote to the MISMO SMART Doc™ Version 3.0 format (XML with embedded PDF) as part of its “ongoing commitment to improve the lending industry’s ability to originate and deliver eMortgages.”
According to Fannie’s announcement, the GSE received a lot of negative feedback regarding its SMART Doc Version 1.02 format, which was found to be a key barrier to eMortgage adoption due to its complexity.
As a result of this negative feedback, Fannie Mae conducted significant industry outreach regarding document format options for its new Version 3.0 format. This outreach concluded that transitioning the eNote to a PDF-based format—along with providing detailed guidance and samples—will make it easier for those working with the GSE to develop and implement eMortgage solutions.
Fannie will adopt the new MISMO SMART Doc Version 3.0 to align the eNote with the format that’s required for the Uniform Closing Dataset (UCD). This will combine the PDF image with the corresponding XML data – enabling a fully automated process for document verification and processing.
The new format, according to the GSE, will reduce operational complexity and follow a more modern standard solution for the future of electronic mortgages.
Fannie Mae is currently developing a transition plan for the MISMO SMART Doc Version 3.0 format, and said it will provide more information in early 2017. Those that work with Fannie are encouraged to begin assessing their commitments for 2017 with their eMortgage staff regarding any preparations that will be required for this transition.
For more information, including real-time updates, please visit the GSE’s “eClosings and eMortgages” webpage.
Fannie Mae – fanniemae.com