MISMO Seeks Public Comment on MI Activation API That Streamlines, Facilitates Exchange of Closing Date Data
Tara Dunion tdunion@mba.org
MISMO®, the real estate finance industry standards organization, seeks public comment on its new Mortgage Insurance (MI) Activation API specification, designed to facilitate activation of a MI Commitment to Certificate Status.
To activate a MI commitment after a loan closing, lenders must transmit closing date information to the MI provider. MISMO’s MI Activation API specification provides lenders a streamlined method of activating the MI Commitment by allowing them to send closing date information to MI companies without leaving their system of record, ensuring greater efficiency and accuracy. The specification is provided in a JavaScript Object Notation (JSON) format.
The specification builds on MISMO’s JSON initiative to develop standards for industry transactions for structuring lightweight data exchanges through APIs and mobile platforms. With this expanded effort, the MISMO MI Community of Practice is working to create consistency within the growing number of transactions taking place in JSON format.
This public comment period also allows those who participated on the proposals at least 30 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). The 30-day comment period will run through April 11.
MISMO requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures should be directed to info@mismo.org.
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.
