MISMO Issues MI Version 3.4 Implementation Guide for Electronic Ordering of MI Requests, Commitments
Tara Dunion tdunion@mba.org
MISMO®, the real estate finance industry standards organization, launched an updated Mortgage Insurance Version 3.4 Implementation Guide.
The MI Version 3.4 I-Guide contains data requirements necessary to facilitate electronic ordering of rate quotes, MI commitments and document packages, contract underwrite requests and MI order response queries. The “How to Use the I-Guide” worksheet within the guide provides a high-level description of each transaction, the worksheets to use for request and response data, FAQs and other supporting information.
“The volunteer team of mortgage insurance professionals that collaborate across our vertical and dedicate their time to ensuring accuracy are the key to maintaining API/B2B standards for the MI industry. MISMO provides the forum for these important exercises,” said Leslie Malicki, Director of Partner Solutions with MGIC. “The MI Version 3.4 I-Guide is one of many success stories with more to come from all the MI providers working through MISMO.”
The Mortgage Insurance Community of Practice created this latest version of the MI Version 3.4 I-Guide (revised January 2022) to capture updates to the data requirements resulting from ongoing work to ensure alignment and accuracy within the mortgage industry and with other MISMO products. The revisions tab in the I-Guide contains a detailed history of the recent changes, many of which were done to support iLAD 2.0.1.
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.
