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Ingeo Electronic Recording System compliant with Fannie Mae eMortgage standard

7/9/2002 12:00:00 AM

Todd Hougaard, Ingeo president and CEO, announced Ingeo's interoperability with the recently released Fannie Mae eMortgage standards, including the Mortgage Banker's Association (MBA) SMART document format. Users of Ingeo's ePrepare software automatically produce recordable documents which are compatible with Fannie Mae's purchasing requirements in the secondary market. "As the first industry vendor to announce our products' adherence to this format, we restate our commitment to industry standards as a means of simplifying the process of home ownership," said Hougaard. "Fannie Mae's standards help bring us one step closer to our ongoing goal of eliminating paper from many routine real estate transactions." Fannie Mae's announcement underscores the mortgage industry's commitment to electronic documents as a means to streamline and improve the mortgage process. The alignment of emerging standards around a central data format is necessary to provide the infrastructure for the many independent transaction parties to work together electronically. The previous standard was paper; the new standards are based around electronic SMART documents (SMART = securable, manageable, archivable, retrievable, and transferable). The SMART standard is a product of the Mortgage Banking Association's standards efforts, with collaboration from other industry standards bodies such as the Property Records Industry Association. The current success of the electronic mortgage and recording industry is a direct result of the collaboration of several related industries to produce and use common document formats. As the leading gateway between county recording systems and the mortgage banking industry, Ingeo is committed to maintaining compatibility with evolving SMART data formats as well as other emerging standards. Hougaard stated, "By following the standards, our applications can bring independent systems together, creating a seamless process as the transactions cross industry boundaries." The Ingeo Electronic Recording System is a two-part application used to create, authorize, validate, and distribute legally binding business transactions using digital documents. Current applications bridge the gap between document originators and county recording offices, allowing real estate documents to be prepared, submitted, and recorded electronically in seconds. Automating these traditionally paper-based processes saves business, government, and consumers time and money.

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