MISMO Seeks Members for Verifiable SMART Doc 3.0 Profile Development Workgroup
MISMO®, the real estate finance industry standards organization, encourages members to join the Verifiable SMART Doc® 3.0 Profile workgroup to hear about the latest efforts, to collaborate and contribute to MISMO work efforts.
The Verifiable SMART Doc® group is working to create a more trustworthy, verifiable process that provides assurance that loan documents and associated data are consistent, reliable and unaltered.
MISMO recognizes the industry trend towards a more digital process that relies upon accurate data. Historical inconsistency between documents and data exchanged between organizations has contributed to distrust of data, requiring armies of individuals who manually compare documents and data. To help address data quality concerns, in 2017 MISMO provided implementation guidance for industry to create data and/or documents that reflect whether the data/documents were altered – this is known as a tamper evident process. MISMO announces the effort to go one step further. We will create a technical framework and related implementation guidance that facilitates automated validation that the data and related document, or documents, are in agreement and have not been modified.
Current Focus:
The group is working to develop requirements for document security and integrity, provide implementation guidance, develop sample documents, and use cases, and other materials that may help improve trust in the data as well as facilitate the transition to digital mortgages. Technology and business-oriented individuals are welcome to participate.
How to Join
Anyone may participate in a MISMO development workgroup or community of practice regardless of membership status. Voting members of Information Management and Architecture Workgroup are elected as per governance procedures. Membership in MISMO is open to anyone – mortgage lenders, banks, credit unions, servicers, vendors, government agencies and more. MISMO members receive a voice, and vote, in creating and enhancing industry standards used by the entire industry. Learn more at https://www.mismo.org/membership.
The group meets the 3rd Thursday of each month from 1:00-2:00 p.m. ET.
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 visit MISMO.org.
