Read about the role of property identification improvements in the mortgage banking industry from the view point of Fannie Mae.
ECCMA announced today the finalization of a memorandum of understanding with the Open Geospatial Consortium (OGC) to formalize the collaboration between the two organizations around the standardization of electronic real property information and identifiers.
ECCMA announces the Natural Location Identifier or eNLI™ . A revolutionary new standard that leverages the coordinate system that powers all GPS but gives it a human face by converting the GPS coordinates to a unique 14 character code. The eNLI encompasses the postal address details, computed geocodes (a single latitude/longitude point on the map) from a service such as Google Earth, as well as actual coordinates collected electronically from the site or provided by the user including latitude, longitude and elevation.
The new group is responsible for soliciting and developing terminology to standardize how digital content about real property is represented in the ECCMA Open Technical Dictionary (eOTD) and to build and maintain domain specific data requirements and register these in the ECCMA Data Requirements Registry (eDRR). This effort includes the identification of properties in terms of location, type, use and purpose as well as characteristics of properties such as structural details and land attributes.