MISMO, the real estate finance industry’s standards organization, announced today that it seeks public comment on its new eModification Reference Guide. The 30-day comment period runs through May 24, 2021.
The eModification Reference Guide is a resource for mortgage servicers to help identify whether an investor currently accepts electronically signed loan modification agreements. It also includes guidance on the format of the eModifcation (e.g., SMART Doc), the procedures involved depending on whether the promissory note is a paper note or an eNote and the systems to which the eModification may need to be reported (i.e., MERS eRegistry).
The eModification Reference Guide was developed through a collaborative effort of industry participants to encourage servicers to enable the use of eModifications when possible.
The public comment period for this initiative is also intended to afford MISMO workgroup participants who participated in the effort with at least 30 days notice prior to its final release, in order to review the information and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).
MISMO requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures should be directed to [email protected].
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