MISMO Issues Call for Participants to Create eVault Standards
Tara Dunion tdunion@mba.org.
MISMO®, the real estate finance industry standards organization, on Monday issued a call for participants for a new development workgroup focused on creating eVault standards that foster interoperability among eVault providers.
The group aims to develop standards that improve the current process, enhance digital mortgage scalability and help ensure the seamless transfer of eNotes to facilitate their sale to investors.
The new eVault Standards DWG will collaborate with industry participants, government agencies and other stakeholders to create a single set of standards that reduce the financial and operational costs involved in eVault transactions and streamline eVault operations. Industry support is needed to ensure that all relevant needs are considered and to confirm that key activities are identified, addressed and incorporated into the eVault standards.
“MISMO is focused on solving the industry’s toughest business challenges to help enable a fully digital mortgage process, end to end,” said Seth Appleton, President of MISMO. “This new DWG is focused on tackling the labyrinth of eVault requirements, decreasing the costs associated with troubleshooting eNote transfer issues and making the process more seamless and productive for lenders and providers. This standards work will benefit lenders as well as eVault providers by making it easier to trade eNotes and increase their liquidity.”
eVault providers must currently wade through a challenging array of requirements pertaining to generation, acceptance, transfer and vaulting of eNotes. The volume and complexity of these requirements along with the potential for consistencies and nuanced interpretations can lead to interoperability issues among eVault providers.
The eVault Standards DWG, which is expected to meet for six months, will conduct regular meetings via conference call. The DWG lifespan may be extended as necessary to meet industry needs.
Interested eVault Standards DWG participants should visit this link. For more information about MISMO, visit www.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.
