MISMO Updates Loan Application Dataset to Include USDA Guaranteed Loan Application Specification
MISMO®, the real estate finance industry standards organization, released an enhancement to the Industry Loan Application Dataset, an industry standard for the exchange of loan application information.
The iLAD 2.2.0 dataset has achieved “Candidate Recommendation” status, which means it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
“iLAD allows for the seamless exchange of loan application data across mortgage industry participants, improving interoperability and efficiency,” said Seth Appleton, President of MISMO. “The latest enhancements expand the scope of benefactors to include those who originate and underwrite USDA Rural Housing loans.”
The most recent version of iLAD was updated to include the new U.S. Department of Agriculture Guaranteed Underwriting System Specification, which is based on MISMO’s v3.4 Reference Model. As a result, new data points and enumerated values were added to better support evolving industry loan origination and underwriting business processes.
“USDA appreciates the opportunity to partner with MISMO to collaboratively review and provide valuable feedback on both the iLAD and the new USDA Guaranteed Underwriting System Specification in MISMO v3.4,” said Dean Daetwyler, Director of System Implementation and Management Division with USDA. “The USDA GUS specification will be used with an exciting new Business to Government integrated solution, enabling industry partners to send guaranteed loan applications/requests to Rural Development for processing through a USDA GUS Web Service, and providing an efficient way for lenders to electronically exchange information with GUS – thereby eliminating the need to manually key in or import/upload information via the GUS user interface.”
iLAD is a compendium of data points and allows for the seamless exchange of loan application data between industry partners. It reduces friction and improves efficiency, as originators can use this one resource rather than creating their own proprietary exchange. In May , MISMO released iLAD 2.1.0, incorporating recent updates to the Fannie Mae Desktop Underwriter Automated Underwriting System Request and the Freddie Mac Loan Product Advisor AUS Request. iLAD 2.2.0 builds on this work.
MISMO, the Mortgage Industry Standards Maintenance Organization, works to solve key business challenges. This is made possible by lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join, click here.
