MISMO Seeks Input on New Standardized Loan Application Dataset
MISMO®, the mortgage industry standards organization, seeks industry participants to collaborate on developing a standardized loan dataset that will correspond with the new Uniform Residential Loan Application.
The dataset is geared for general industry use for business-to-business exchanges that need to reflect the data included in the URLA. Development of a standard data exchange is intended to improve accuracy and consistency for industry participants exchanging application information with their business partners.
“To avoid inefficiencies that result in lost time and money, the industry needs a standardized data exchange that reflects the information contained in the URLA,” said Rick Hill, Executive Vice President of MISMO and Vice President of Industry Technology with the Mortgage Bankers Association. “By acting now and leveraging the power of MISMO’s resources and its collaborative environment, we have the power to create the new dataset by next year–the time lenders implement the new loan application form.”
The MISMO Standardized Loan Application Dataset Workgroup will review current loan application data formats to identify a new dataset for use on all loan applications and supporting documents based on its 3.4 standards. In addition to creating a dataset for exchanging loan application information, the Workgroup will create a sample file and mapping document, an implementation guide and a library of use cases to help lenders adopt the new information exchange when they are ready.
Any standards created by the Workgroup will be made available for public comment prior to being finalized. Workgroup participants do not have to be members of MISMO to join, but only MISMO members will be able to vote on the new standards.
Individuals who would like to participate in this collaborative, industry-wide effort should send an email titled, “Join Standardized Loan Application Dataset Workgroup” to info@mismo.org. More information about the Standardized Loan Application Dataset Workgroup and other MISMO workgroups is available at www.mismo.org.
About MISMO
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.
