How Lenders Can Optimize the Loan Process with MISMO Data Standards
In today's ever-changing mortgage industry, lenders are on the hunt for various tools and solutions to improve efficiency and maintain compliance with latest regulations from the Consumer Financial Protection Bureau. The challenge with using multiple technologies to improve business is ensuring that systems work smoothly together.
All too often, vendors build interfaces using proprietary interface specifications. The complexity of supporting these multiple data formats becomes a significant and costly challenge for lenders. These proprietary formats hinder the flexibility of selecting their preferred vendor for a specific service.Each vendor has its own requirements for maintaining proprietary data and file formats, though not using an industrywide standard can carry a high risk for lenders. Required specifications may change over time, leaving the lender with few system and vendor options. But, by leveraging industrywide data standards, there is a better way to ensure the lender's LOS and technology providers will interface smoothly. Read More Here.