Lock in the MISMO advantage
Author Sir Arthur Conan Doyle's famous fictional detective, Sherlock Holmes, refused to form any theories or draw any conclusions about a case until he had sufficient data. Without the data, anything Holmes postulated would just be a guess - a dangerous move when trying to stop master criminals.
Likewise, for mortgage originators, data is the basic building block of everything. The borrower, credit, underwriting and investor data all come together to build a profitable loan that will perform over the course of its life.
While collecting and using this data, mortgage companies rely on a variety of software platforms to automate the different steps of the mortgage process. Most mortgage originators use a combination of tools, including loan origination systems (LOS), document software, loan-application portals, settlement-services software, credit reporting, flood determinations, mortgage insurance, compliance aids and loan-delivery processes.
Loan data must flow easily between these systems in a secure manner that protects data integrity. All too often, however, vendors build proprietary data tools that make it difficult for multiple systems to work together seamlessly. By adopting industrywide data standards, however, vendors make it possible for the mortgage originator's LOS and technology partners to interface without a hitch. Read More Here.