MISMO Issues Closing Instructions Development Workgroup Call for Participants
Tara Dunion tdunion@mba.org
MISMO®, the mortgage industry standards organization, issued a call for industry experts to participate in a working group to enable the digitization of closing instructions.
The Closing Instructions Development Workgroup completed, and MISMO released, Master and Transactional Closing Instruction templates earlier this year. These new standards bring needed efficiencies to the closing process including reduced fee refunds, lower operational overhead, reduced compliance and loan salability risk and enhanced consumer experience.
This next phase will take the completed templates and map data points in templates to the MISMO reference model. This will allow industry participants, such as lenders, settlement service providers, loan origination systems and document vendors, to exchange information seamlessly and reliably between systems.
Industry experts are invited to attend the kickoff developmental workgroup session on Wednesday, Sept. 2 at 1:30 p.m. ET at the MISMO Virtual Fall Summit.
Professionals interested in participating in the Closing Instructions Development Workgroup and helping create the “1003 of closing instructions” should email info@mismo.org.
For more information about MISMO, visit www.mismo.org.
About MISMO
The Mortgage Industry Standards Maintenance Organization (MISMO) is the standards development organization for the residential and commercial 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.
