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he, to whom most things that most people would think were pretty smart
were pretty dumb, thought it was pretty smart.
-- Douglas Adams
<Magnolia.Technologies></Magnolia.Technologies><eMortgage.Services>
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What does XML have to do with mortgages?
XML is key in the development of today's electronic Mortgage (eMortgage) standards and is the basis for the industry's electronic document standard, the SMART Document defined by MISMO, the Mortgage Industry Standards Maintenance Organization. SMART Documents are "paperless" mortgage documents that were developed to meet the specific needs of the industry.</eMortgages>
<SMART_DOCUMENT>SMART is an acronym that describes the salient characteristics of the electronic document as defined by the mortgage banking industry:
- Securable
- Manageable
- Archivable
- Retrievable
- Transferable
A SMART Document is securable in the sense that it contains a method, which is called a tamper evident signature, to maintain the integrity of the document. By wrapping the document with tamper evident signature, it is possible to tell if the document is secure ... that is if it has been altered in any way. This provides the SMART Document with similar characteristics to paper.
The definition of manageable in the general sense applies to the definition of SMART Documents. Some thing (or some one) is manageable if it (or he or she) is able to be handled or controlled without much difficulty.
SMART Documents are archivable in the sense that they may be may be archived or kept in an electronic vault for the length of time prescribed by the business process.
It is possible with SMART Documents to retrieve or get access to the information such as the loan amount or borrower name. But the design of SMART Documents also satisfies the other definitions of retrieve:
1. to save something from being lost, damaged or destroyed.
2. to restore something to its original condition
By saving the data within an electronic document we have not “lost” information. Once information is gathered from a computer and placed on a form and then printed, the connection between the individual pieces of information on the paqper and the computer are not easily restored.
Transferable ensures that documents can be transferred easily; i.e., moved from document preparation to closing table to lender to recorder or from one electronic vault to another.
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