MISMO Seeks Public Comment on Dataset Standard for VA Form 26-1880; Issues iLAD 2.1.0 for Public Comment

Tara Dunion tdunion@mba.org.

MISMO®, the real estate finance industry standards organization, seeks public comment on its new dataset standard that supports Department of Veterans Affairs (VA) Form 26-1880 Request for a Certificate of Eligibility. The 60-day public comment period for this dataset runs through May 30.

Earlier this week MISMO released its updated Industry Loan Application Dataset (iLAD) for a 30-day public comment period.

Veterans who complete and send in VA Form 26-1880 are applying for a Certificate of Eligibility. VA lenders need this document as proof that a veteran is eligible for a VA guaranteed home loan, which is based on credit and income requirements. The new dataset for VA Form 26-1880 Request for a Certificate of Eligibility will provide lenders and vendors with a standard method for completing and exchanging the form. It also enables the mortgage industry to communicate in a consistent and efficient manner by using standardized MISMO data terms and extensions from the v3.5 MISMO Reference Model.

Meanwhile, the updated iLAD is a compendium of data points that are included in the Uniform Residential Loan Application, the government-sponsored enterprises’ Automated Underwriting System interfaces, as well as the retired Fannie Mae 3.2 flat file. The 30-day public comment period for this dataset runs through April 29. 

iLAD, which uses MISMO’s v3.4 Reference Model, was created to address the mortgage industry’s need to exchange information included in the new URLA. iLAD continues to evolve and serves as the industry’s standard method for exchanging data associated with originating and underwriting mortgage loans.

The new version 2.1.0 of iLAD incorporates recent updates to the Fannie Mae Desktop Underwriter AUS Request and the Freddie Mac Loan Product Advisor AUS Request. iLAD 2.1.0 also includes assorted new data points and enumeration changes to better support industry vendors and processes.    

The comment period for both releases is intended to afford commenters and workgroup participants who worked on the proposed iLAD 2.1.0 at least 30 days’ notice prior to final release to provide feedback and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).

Disclosures and comments should be directed to info@mismo.org. MISMO also requests that organizations disclose in writing any patents and patent applications that might be infringed by an organization that uses or is compliant with iLAD. 

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.