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.
WASHINGTON, D.C. (November 22, 2021) - MISMO®, the real estate finance industry's standards organization, today announced it is seeking participants for a new initiative focused on standardizing pre-closing title document datasets in order to streamline the business process and improve efficiency.
MISMO Statement in Support of Ginnie Mae APM 21-07 Leveraging Standards to Permit Use of eSignatures and RON for Loan Modification Agreements
“MISMO commends Ginnie Mae for recognizing and leveraging industry standards in allowing eSignatures and Remote Online Notarization (RON) for loan modification agreements.“An important component of Ginnie Mae’s action is that modifications transmitted electronically must be delivered only as MISMO SMART Docs® or PDFs. In addition, by utilizing the existing Digital Collateral Program Guide to expand the availability of RON for paper loan modifications, Ginnie Mae is ensuring that all participating RON platforms are in compliance with MISMO’s RON standards.
“Ginnie Mae is committed to providing Issuers with the tools they need to make it possible for qualified homeowners modifying their mortgages to do so with as few obstacles as possible,” said Michael Drayne, Ginnie Mae’s acting executive vice president. “Tens of thousands of homeowners coming out of the forbearance and other pandemic-related mortgage relief programs may utilize mortgage modifications to improve their financial situation, and we believe this policy change will help make the process proceed more smoothly for homeowners and servicers.”MISMO also commends Ginnie Mae for recognizing and leveraging industry standards in allowing eSignatures and RON for loan modification agreements. “An important component of Ginnie Mae's action is that modifications transmitted electronically must be delivered only as MISMO SMART Docs or PDFs,” stated Seth Appleton, president of MISMO. “In addition, by utilizing the existing Digital Collateral Program Guide to expand the availability of RON for paper loan modifications, Ginnie Mae is ensuring that all participating RON platforms are in compliance with MISMO's RON standards.”
With every new technological advancement and update, there will be early adopters, latecomers and questions about how innovation will alter the status quo. One of the most powerful examples of this was the shift in the early 2000s in how consumers bought and listened to music. Back then, CDs and record stores were nearly ubiquitous, but as advances in technology and improvements in internet speed made streaming an easier and more viable option, consumers quickly adapted to this new reality, triggering a seismic shift in the music industry.