MISMO: Catch the Wave! - Rob Chrisman
I saw the announcement from Bob Broeksmit at MBA about changes at MISMO recently and realized that I don't know a lot about what MISMO does. I asked my cat Myrtle and she didn't know either, so I reached out to learn more from Mike Fratantoni, who is the Chief Economist at MBA and also the President of MISMO. Dr. Fratantoni reminded me that MBA had invested $2 million in MISMO last year to accelerate the development of new standards. In the last year MISMO issued standards to help industry obtain taxpayer consent for the use of tax transcripts, standards for Remote Online Notarization that have been critical during the COVID crisis, and standards for the consistent drafting of closing instructions to improve communications between lenders and settlement agents. Going forward, MISMO will have the resources to move much more quickly enabling them to further accelerate the evolution of the digital mortgage. Read more about MISMO and the announcement here.
Rob Chrisman runs robchrisman.com where which he posts daily mortgage news and commentary. This was an excerpt from his June 13th, 2020 post which you can read more of here.