HOUSTON (July 8, 2002) -Online Documents Inc., a subsidiary of Stewart Information Services Corp. (NYSE-STC), today announced the availability of three-part XHTML documents pursuant to Fannie Mae's recently announced e-mortgage guidelines. The documents meet Fannie Mae's advanced delivery requirements and MISMO (Mortgage Industry Standards Maintenance Organization) specifications.
Online Documents, Stewart's electronic mortgage document subsidiary, developed the three-part XHTML documents, enabling lenders to close loans with digital signatures and deliver these loans electronically to agencies and investors for immediate purchase. Future benefits include electronic boarding of servicing, post-closing data verification and "data mining" for a variety of reporting and monitoring purposes.
Joan Ingham, president of Online Documents, said, "The availability of electronic documents in three-part XHTML format is significant because lenders can now take immediate advantage of eMortgageDoc opportunities without committing the money, time and resources to modify existing document systems."
Stewart Morris Jr., Stewart president and co-chief executive officer, said, "This breakthrough in providing a 100 percent outsource solution for eMortgageDoc is integral to the Stewart organization's comprehensive strategy to assist lenders and real estate transaction participants in making the transition to a paperless marketplace. The paperless transaction is no longer just a vision. Online's mortgage document technology makes paperless closings a practical possibility."
Working in conjunction with agencies, investors and emerging technology companies including electronic closing rooms, electronic recording services and others, Stewart's electronic mortgage documents will become the "currency" that passes through these newly created closing, delivery and recording channels. Through Online Documents, lenders will be able to obtain the necessary three-part XHTML documents on a variable cost outsource basis, thereby avoiding the time and cost of creating these documents internally.
Don O'Neill, president of Stewart Mortgage Information (SMI), said, "Stewart Mortgage Information focuses on improving the real estate transaction process by working in partnership with our lender customers. As an SMI company, Online's achievement is another example of the leverage lenders can gain in working with our organization. Electronic mortgage documents combined with title, flood, post closing and other services offered by SMI give lenders significant price and technological advantages. Using the three-part XHTML form provided by Online as a base product, Stewart can provide comprehensive product and process solutions for lenders contemplating early entry into the electronic documents arena."
About Online Documents, Inc.
Established in 1988, Online Documents (www.OnlineDocuments.com) provides compliant mortgage documents and related services to lenders, nationwide. Online offers desktop installations for local lenders and more comprehensive 100 percent interface solutions for regional and national lenders.
Incorporated in 1994, SMI (www.smiservices.com) is a leading provider of mortgage information and services that accelerate loan origination and improve the performance of the post-closing function. SMI offers its services to lenders based on the life cycle of the loan process - from origination through post-closing to servicing. Origination services include credit reports, title reports, flood determinations, collateral assessments, document preparation, centralized funding and other real estate information. The post-closing solutions include assignments, document retrieval, lien recordation, pool certification, full legal review, lien release and research. Customers nationwide rely on SMI's expertise and integrated technology to provide solutions for their settlement needs.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,000 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.