Use Data Standards as Building Blocks for Maximum Effect
National Mortgage News
Recent advances in technology, and increasing regulatory pressure on the industry to adopt digital strategies, have put data standardization in the spotlight for mortgage lenders. The third, and later, versions of MISMO standards ensure compliance with recent regulatory changes from the Consumer Financial Protection Bureau and prepare lenders for upcoming data initiatives from the government-sponsored enterprises. In other words, adoption - while not explicitly mandated by any one regulation - is no longer optional. Now is the time for lenders to convert their systems and data to adhere to the MISMO version three standards.
Though adoption of MISMO standards is voluntary, lenders have much to gain from implementing them. Before the introduction of version three, lenders dealt with data standardization ...Read More Here.