MISMO Issues Call for Participants to Streamline Exchange of Pre-Closing Title Data
MISMO®, the real estate finance industry’s standards organization, seeks participants for an initiative focused on standardizing pre-closing title document datasets to streamline the business process and improve efficiency.
Today the process of reviewing pre-closing title data and documents is not standardized; it differs from agent to agent, resulting in delayed document review and inefficiencies in pre-close procedures.
MISMO will focus on standardizing the datasets of these nationally used pre-closing title documents: Closing Protection Letter (ALTA), Title Commitment (ALTA) and Request for Fee Sheet. A new development workgroup will be created to complete the work.
The DWG deliverables will include:
- Soliciting participation, input and feedback from industry participants; and
- Creating a standard dataset for each pre-close title document.
The Title Pre-Closing Docs DWG will conduct regular meetings via conference call and will meet in person at MISMO Summits. This DWG is expected to exist for one year or until it completes its mandate.
Interested participants should visit this link for more information. MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.