MISMO To Address Inconsistencies in Electronic Mortgage Documents
MISMO, the mortgage industry standards organization, seeks industry participation in an effort to reduce friction due to the use of non-standard electronic documents (eDocs).
Inconsistencies in current practice hinder scalability as the industry moves toward a fully digital mortgage. Collaborative development of standards and best practices will improve the interoperability of eDocs so that they may be exchanged in a seamless manner.
Inconsistencies in current practice are creating issues and delays when exchanging electronic notes. The resulting creation of custom workarounds adds extra time and expense, which reduces the benefit of going digital.
MISMO’s new eDoc/eMortgage Vault Interoperability Development Workgroup will be responsible for identifying inconsistencies and challenges in electronic documents and identify solutions and best practices for eliminating the issues. After recommending solutions, the group will also monitor their outcomes over time to ensure any eDoc interoperability issues are fully resolved.
Organizations Involved in creation and storage of eDocs as well as their partners and other stakeholders are encouraged to collaborate with MISMO on this effort. Those interested do not have to be MISMO members to participate, but only MISMO members will be able to vote on any products created as a result of this effort.
MISMO members interested in participating may join MISMO’s collaboration site for the eDoc/eMortgage Vault Interoperability Development Workgroup, where they can access meeting details, work in progress and other information. Others may send an email to firstname.lastname@example.org with “Join MISMO’s eDoc/eMortgage Vault Interoperability DWG” in the subject line.
For more information about the Workgroup, click https://collaborate.mismo.org/amslogin?ReturnUrl=http://collaborate.mismo.org/higherlogic/security/crosssitelogin.aspx?crosssitereturnurl=https%3a%2f%2fcollaborate.mismo.org%2fcommunities%2fcommunity-home%3fCommunityKey%3d79c396f4-0dfe-4c8b-874d-6956f3749ab8.