MortgageRamp offers XML-based technology

Real Estate Weekly, March 20, 2002

MortgageRamp, a provider of technology solutions for the commercial real estate industry, and Fannie Mae announced the successful implementation of an XML-based technology platform that enables committing and delivery data to be seamlessly exchanged via the web.

"We have technology that allows lenders to directly submit loans to Fannie Mae through our DealCentral software," said Michael Greco, president of MortgageRamp. "This relationship firmly establishes MortgageRamp as a leader in technology solutions for the financial services industry."

"This is an exciting new technological advancement that will enable our lender partners to more seamlessly deliver data to our business applications, and is consistent with our MultiNetSm strategy," said Caroline Blakely, vice president for multifamily e-business at Fannie Mae. MultiNet is Fannie Mae's multifamily e-business strategy providing lenders with integrated technology tools that make it easier to do business with the company.

This effort is based on the draft version of a commercial data standards effort announced by the commercial working group of MISMO earlier this year. "Because of the unique nature of commercial real estate and the diverse sources of commercial mortgage capital, originators and lenders are communicating similar concepts using different terminology," said Dan Szparaga, a director in the commercial multifamily business of the MBA. "We are in the process of creating a data dictionary to be the single source for the industry. MortgageRamp and Fannie Mae have been contributors throughout this process and have provided technical support and guidance in helping to craft the standards."