MISMO Seeks Participants for Two New Workgroups on RON Standards, OpenAPI Specifications
MISMO, the industry standards organization, seeks participants for two new workgroups.
The first is focused on assessing the existing MISMO remote online notarization (RON) standards. The second aims to create a MISMO standards-based application programming interface (API) specification that returns loan limits based on property address.
RON has seen its popularity and usage grow across the industry, with a recent survey from the American Land Title Association finding use of RON increased 547% in 2020 from a year ago. The new RON workgroup will assess and gather feedback on MISMO RON Standard V1 and investigate the need to update it as MISMO RON Standard V2.
MISMO is building next-generation technologies for the industry. As part of its efforts to build APIs and data exchanges using technologies such as JSON, the second new MISMO workgroup will build upon recent JSON API toolkit efforts to focus on a Federal Information Processing Standards (FIPS) code API for use in determining program loan limits.
The API will allow a lender to quickly determine, for a given property address, if the loan exceeds the FIPS code limits, which is especially useful for specific programs such as Fannie Mae’s HomeReady program. The API also will include the ability to look up the FIPS code based on the property zip code.
For more information about MISMO, click www.mismo.org.