MISMO Wins 2021 HousingWire Tech100 Mortgage Award
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MISMO is the Language of Lending
Through broad industry collaboration, MISMO creates standards that support solutions to the industry's toughest business issues, reduce costs, and improve transparency and communications in housing finance.
MBA and MISMO boards of directors endorsed a funding model of a $0.75 fee for all new loans, the billing occured in early February, 2021. For the first year only, the bill will include originations for the six-month period from July 1, 2020 through December 31, 2020. Learn more about the innovation investment fee here.
MISMO Creates Community of Practice to Explore Market Need and Potential Standards for ESG Initiatives
MISMO®, the real estate finance industry's standards organization, today announced the creation of a new Community of Practice (CoP) focused on exploring potential standards for Environmental, Social & Governance (ESG) initiatives in order to meet the needs of market participants.Interested professionals are invited to the kickoff meeting of the MISMO ESG CoP in August with a follow up discussion at the MISMO Fall Summit. The initial discussion will explore the impact of ESG within the residential and commercial mortgage industry and the potential role of industrywide MISMO standards.
At the recently concluded MISMO Spring Summit–which set an attendance record for the organization–two related themes emerged during many of the event’s “Going Digital” sessions. Experts throughout the four-day event agreed that technology adoption and data trust are two business challenges that must be solved so the industry can truly “go digital” and realize the benefits that come along with it.The good news is that MISMO standards are helping to accelerate a fully digital mortgage process, end to end, and are playing a significant role in helping the industry scale digital solutions.The case of hybrid eClosings is instructive on the importance of user technology adoption.Garth Graham of STRATMOR Group highlighted that hybrid eClosing installations grew from 18 to 43 percent over the past year, but a gap exists with user adoption at net 20 percent (calculated by multiplying lender adoption by user adoption to analyze how often a feature is used) The good news is that the numbers are moving in the right direction, with a four-fold increase in hybrid eClosings in one year and, according to a recent report from the American Land Title Association, a 228 percent increase in the number of title and settlement companies offering digital closings since 2019.
The restart of foreclosures is intensifying challenges involved in ensuring correct and compliant information is received when mortgages or related cash-flows transfer, but one such hurdle could be eliminated soon.Protocols aimed at ensuring nothing is lost in translation when information about billing, late payments and related processing moves to a new system are set for comment and subsequent release in 2022, according to the Mortgage Industry Standards Maintenance Organization.
MISMO®, the real estate finance industry's standards organization, today announced that 14 technology platforms have now successfully completed MISMO Remote Online Notarization (RON) certification. DocuTech, OneNotary, Pro Notary and SimplySecureSign join 10 previously certified platforms, representing a 40 percent increase in the number of certified platforms over the past three months.
MISMO®, the real estate finance industry's standards organization, announced today that it is seeking public comment on a proposed standard for Commercial Green Utility Data. The 90 day comment period starts today and runs through September 30, 2021.
OVER THE PAST SEVERAL YEARS, the hurdles to creating digital property transactions have been overcome with increasing speed. Between the rising adoption of the Mortgage Industry Standards Maintenance Organization (MISMO) SMART Docs and eNotes to remote online notarizations (RON), today’s housing industry finds itself standing on the precipice of a truly digital future.