Industry Loan Application Dataset (iLAD)

MISMO Releases Modernized Dataset for Loan Application Data 

MISMO announces the release of the new Industry Loan Application Dataset (iLAD). iLAD is a compendium of data points that are included in the new Uniform Residential Loan Application (URLA), the GSEs new Automated Underwriting System Interfaces, as well as the existing Fannie Mae 3.2 file.

iLAD is expected to replace the many peer to peer data exchanges that currently utilize the Fannie Mae 3.2 file as a de-facto data exchange standard. iLAD is being released for a 60 day comment period for MISMO members. The comment period will remain open until November 3, 2019.   Adoption of iLAD is expected to be evolutionary, as businesses collaborate with business partners to determine the best time to implement. MISMO is issuing the specifications to provide time for companies to evaluate how and when to adopt iLAD.   Industry participants who have comments or questions about iLAD can contact MISMO at info@mismo.org.

iLAD, which uses MISMO's v3.4 Reference Model, was created to address the mortgage industrys need to exchange information included in the new Uniform Residential Loan Application(URLA). Many industry participants historically have utilized Fannie Mae's 3.2 file format as a de-facto standard to exchange application data. With the pending implementation of the new URLA as well as new AUS delivery specifications for the GSE's, the existing Fannie Mae 3.2 file will no longer meet industry requirements for peer to peer data exchanges. The Fannie Mae 3.2 file format will not be updated for changes to the URLA and Fannie Mae has announced that they will no longer accept 3.2 file submissions after the legacy AUS formats are retired. The issuance of iLAD is expected to evolve into the industry's standard method for exchanging data associated with the URLA. 

MISMO members are encouraged to review and test iLAD and provide feedback during the comment period with the understanding that the product may change based on feedback received. 

The comment period is also intended to afford workgroup participants who worked on the proposed iLAD at least 30 days' notice prior to final release to review the exchange and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should also be directed to info@mismo.org. At this time, MISMO also requests that organizations disclose in writing (to info@mismo.org) any patents and patent applications that might be infringed by an organization that uses iLAD. 

MISMO members may access the iLAD dataset specification here.

See the press release announcing the release of iLAD for member comment here. 

For additional information, contact us at info@mismo.org.