MISMO Implements Innovation Investment Fee
MISMO, the industry standards organization, has instituted a $0.75 per loan Innovation Investment Fee.
MISMO is working to accelerate the real estate finance industry’s digital future. To help make this happen, the modest investment of a $0.75 fee per loan is critical to enhancement of MISMO’s important work. Fee proceeds will be used to fund next-generation MISMO initiatives that will provide value to the industry — far in excess of the investment being made — by solving key business challenges.
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 while creating cost savings for the consumer.
Lenders should be on the lookout for the invoice, which was sent out late last week by MERS on behalf of MISMO. More info here.