MISMO Trimester Meeting January/2012
Jacksonville
IMPLEMENTING DOCUMENTS
WITH VERSION 3.2
SMART DOCS®:
THEN AND NOW
Origins
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2001 – 3: Early days of eMortgage Workgroup
Fannie Mae developed original framework
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Designed specifically for Electronic Note
Key concept: VIEW plus DATA
Fannie Mae approached MBA, to give the SMART Doc
specification to the mortgage industry, to be developed as
an open standard
Jan 2012
Version 1.0 Framework
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VIEW – human-readable (the “paper” form)
DATA – machine-readable
LINKS – map from VIEW to DATA
AUDIT TRAIL – log of document events
Jan 2012
Challenges with Version 1
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Based on XML DTD, not Schema
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Designed around eNote
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Difficult to support eRecording
SMART Doc specification unique
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Other closing docs were more difficult
Only one VIEW per eDocument
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Not easily extensible
Independent from other MISMO specifications
MISMO-specific LINK mapping format
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ARCs made for complex implementation
Jan 2012
Version 3 Goals
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Extensibility
Flexibility
Improved, more flexible support for:
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eSignatures
eRecording
VIEW formats
External standards
Full integration with MISMO V3
Jan 2012
SMART Doc V3 Framework
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XML Schema-based
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MISMO “Document” structure fully integrated within the
overall Version 3 Reference Model
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V3 “Document” structure == “SMART Doc Version 3”
Better VIEW structure
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Consistent extensibility
Any format permitted – XHTML, Word, PDF, etc.
Multiple VIEWs allowed – Pre/Post Recording, etc.
Improved, standard LINK structures
Improved DATA format using V3 schema
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Any document can be created
Jan 2012
Industry Guidance
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V3 flexibility = many implementation options
Industry interoperability requires standardized
implementations
eMortgage WG developing guidance for:
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HUD-1
Security Instrument
XML Digital Signatures
VIEW Formats
Jan 2012
Abdias Lira
Wolters Kluwer Financial Services
MISMO Trimester Meeting January/2012
Jacksonville
IMPLEMENTING DOCUMENTS
WITH VERSION 3.2
Agenda
Overview
V3 Document Defined
Deep Dive
XHTML view
Data section
Document Structure
XSLT view generation/validation
Selective tamper seals
Sample workflows
Signatories
Jan 2012
MISMO V3 Document
PDF
XHTML
TIFF
RTF, DOCX, ODF
…
Standard
XML
Wrapper
Jan 2012
My First MISMO V3 Document
<DOCUMENT xmlns="http://www.mismo.org/residential/2009/schemas">
<VIEWS>
<VIEW>
<VIEW_FILES>
<VIEW_FILE>
<FOREIGN_OBJECT>
<EmbeddedContentXML>B8x2p234opx112lk....</EmbeddedContentXML>
<MIMETypeIdentifier>application/pdf</MIMETypeIdentifier>
<ObjectEncodingType>Base64</ObjectEncodingType>
</FOREIGN_OBJECT>
</VIEW_FILE>
</VIEW_FILES>
</VIEW>
</VIEWS>
</DOCUMENT>
How thick is the Wrapper?
<DOCUMENT xmlns="http://www.mismo.org/residential/2009/schemas">
<AUDIT_TRAIL/>
<DEAL_SETS/>
<MAP/>
<SIGNATORIES/>
<SYSTEM_SIGNATURES/>
<VIEWS/>
<DOCUMENT_CLASSIFICATION/>
</DOCUMENT>
Jan 2012
eDisclosure Workflow
Disclosure
Delivery
Portal
Doc Prep
Populated eDisclosure
Accepted eDisclosure
Deal Sets
Views
Deal Sets
Signatories
Views
Populated
Audit Trail
System Sigs
Accepted
eNote Workflow
Closing
Platform
Doc Prep
Populated, Unsigned eNote
Investor
Signed, Tamper-Sealed eNote
Deal Sets
Deal Sets
Map
Map
Views
Views
Populated
Signatories
Audit Trail
Audit Trail
System Sigs
Signed
eHUD-1 Workflow
Deal Sets
Map
Deal Sets
Views
Map
Audit Trail
Views
System Sigs
Populated
Audit Trail
System Sigs
Initial HUD-1 with
Selective Tamper Seals
Lender
Modified Fee Data
Regenerated View
Final HUD-1 Data
Regenerated View
Closing
Agent
Regenerated
eRecording Workflow
Deal Sets
Map
Populated
Views
Signed
Signatories
Notarized
PRIA V3 Request
Doc Prep
Closing
Platform
Audit Trail
System Sigs
Deal Sets
Deal Sets
Populated
Map
Signed
Map
Views
Views
Notarized
Populated
Recorder
Signatories
Audit Trail
System Sigs
Recorded
Audit Trail
System Sigs
PRIA V3 Response
E-Recording – Deed of Trust Sample
DEEP DIVE
DEED OF TRUST – INITIAL STATE
VIEW
<p> <b>(A) "Security Instrument"</b>
<span>means this document together with all Rides to this
document.</span>
</p>
<p> <b>(B) "Borrower"</b>
<span> is </span>
<span class="data" id="BorrowerNames">John Homeowner</span>
</p>
<p> <b>(C) "Applicable Law"</b>
<span> means all controlling applicable federal, state and local
statutes, regulations, ordinances and administrative rules and orders
(that have the effect of law) as well as all applicable final,
non-appealable judicial opinions.</span>
</p>
DATA
Linking View and Data
MAP
Trusted Template Method
Document
Data
Trusted Template
(Blank, Tagged View)
Map
(Data Mapping Rules)
Populated
View
View Generation Method
Document Data
Map
(Boiler-plate +
Mapping Rules)
Populated
View
SYSTEM_SIGNATURES
W3C XML Digital Signature
TAMPER-EVIDENT SEALS
Full Set
Complement
Union
XPath Transform Processing Model
Set context node equal to
the input XML document's
root node, and set the
context position and size to
1.
Evaluate the XPath
expression (//. | //@* |
//namespace::*)
The input becomes a nodeset containing every node in
the XML document.
The result of the XPath
transform is a node-set
containing all the nodes that
satisfy the given expression
For each node in the above
node-set, evaluate the given
XPath expression. If the
expression is true, include
the node in the result set.
DEED OF TRUST – RECORDED STATE
eRecording Workflow
Deal Sets
Map
Populated
Views
Signed
Signatories
Notarized
PRIA V3 Request
Doc Prep
Closing
Platform
Audit Trail
System Sigs
Deal Sets
Deal Sets
Populated
Map
Signed
Map
Views
Views
Notarized
Populated
Recorder
Signatories
Audit Trail
System Sigs
Recorded
Audit Trail
System Sigs
PRIA V3 Response
Process Steps
Modify
DOCUMENT
element to add:
Deal data,
Signatories,
Relationships, Audit
trail entries
Use XSLT to
Generate new view
with the newly
populated data
Compute and apply
system signatures
for the new view
and document
elements
Jan 2012
Recorded Document XML
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Data
Signatories
Views
Tamper seals
Jan 2012
SIGNATORY
RELATIONSHIPS
VIEW_FIELD
PARTY//ROLE
DOCUMENTS AND MESSAGES
eMortgage Everywhere
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Uniform placement of documents in all MISMO V3
messages
Jan 2012
abdias.lira@wolterskluwer.com
THANK YOU
SMART Doc® Version 3
Implementation Roundtable
Elizabeth Green, Director of Valuation Technologies
ACI
MISMO Trimester Meeting January/2012
Jacksonville
Challenges in Appraisal Industry
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Forms are used to baseline the context of both appraisal
assignment and the appraisal response.
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Forms are limited to a broad brush approach and rely
heavily on free-form text making standardization and
improvements through automation difficult.
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Difficulties in expressing requisite details in changing
markets.
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UAD provided a business requirement of “how” to
answer certain questions and is specified on MISMO v2.6.
SMART Doc® Version 3
Jan 2012
MISMO v3 Improves Appraisal Preparation
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Details previously locked as boilerplate on a given
appraisal form have been articulated in the v3 reference
model.
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SMART Doc structure makes it possible to validate the
data from a given appraisal form to its view in a
standardized way.
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VIEWS make it easier to chart all of the images and
addenda in the appraisal package.
SMART Doc® Version 3
Jan 2012
Appraisal Document Protection
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SMART Docs used in other areas of the mortgage
transaction incorporate workflow of the stages of the
loan file maturing.
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The appraisal when delivered by the appraiser is
hardened and can only be modified by the authoring
appraiser. The SMART Doc framework provides the
means to protect and preserve the original document
while gaining access to the data layer.
SMART Doc® Version 3
Jan 2012
Typical Appraisal File Contents
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Main Appraisal form (e.g. Universal Residential Appraisal
Report/ URAR or 1004)
Market Conditions Addendum
Various text addendum
Photo pages
Floor Plan sketch
Location Map
Flood Map
Appraiser’s License Document
E & O Certificate
SMART Doc® Version 3
Jan 2012
Digital Appraisal Reporting
SMART Doc® Version 3
Jan 2012
Mapping Example – PaVS iGUIDE
SMART Doc® Version 3
Jan 2012
Numbered Appraisal Form Example
SMART Doc® Version 3
Jan 2012
MISMO v3 Improves Appraisal Security
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XML message can be wrapped with a truly digital
signature such as PKI. This means that the receiver of the
v3 appraisal file in v3 can programmatically read the
hashed signature on the file and detect if the file has been
tampered with.
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Encryption is now available at the data point level, such as
an Appraiser’s License Number, creating a new level of
security.
SMART Doc® Version 3
Jan 2012
Thank You!
egreen@appraisal.com
Jan 2012