MISMO Seeks Input on New Closing Instruction Standards for Mortgage Industry
MISMO, the mortgage industry's standards organization, is inviting industry participants to collaborate on new closing instruction standards, which will be designed to improve communication and avoid delays during the closing process.
Currently, there is no standard lender template for closing instructions, which include information such as how funds are to be wired or disbursed and where the closing package should be sent. Because every lender uses a different format, there is often confusion among settlement service providers and other parties to real estate transactions, which leads to errors and delays that require last-minute changes or post-closing corrections. Read More Here.