MISMO Featured in October Research Special Report

The Title Report, a publication of October Research Inc., Richfield, Ohio, features MISMO in a Special Report on technology.  

The annual report (http://www.thetitlereport.com/TTR/Title-Technology-Report-2015.aspx) includes an interview with Rick Hill, MBA vice president of industry technology; Jan Davis, MBA director of industry standards; and Steve Acker, owner of Closergeist LLC and a member of the MISMO Title Insurance Workgroup.  

The article, MISMO Creating Common Language for Mortgage Industry, discusses MISMO’s efforts to develop language enabling title industry and mortgage technology platforms to communicate with each other. MISMO is built on the XML standard, a common language enabling lenders and other industry players to communicate.  

“It was developed by hundreds of industry professionals over the course of years,” Davis said. “As a result of their hard work, industry participants can collaborate, execute transactions and solve business problems using a single set of terms and formats.”  

Acker said XML can ease the process of integrating systems with partners, improve the quality of data as it moves through the mortgage life cycle and improve consumer experiences.  

“The advantages of MISMO transcend technology, however,” Acker said. “In addition to being a data standard, MISMO is also an organization and a forum for people representing all perspectives on mortgage to come together and work to solve common problems.”  

Hill noted MISMO continues to evolve, even as lenders and servicers prepare for the Oct. 3 implementation of the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Disclosures Rule and upcoming Home Mortgage Disclosure Act revisions.  

“We’ve evolved in the past year, and that evolution will continue going forward,” Hill said. “We want to make sure the standards fully support the regulations and have releases of the standards in a timely manner.”