MISMO Issues Call for Participants for New Workgroup Focused on Automating Homeowner Insurance Requests
Mortgage Bankers Association
MISMO®, the real estate finance industry's standards organization, today announced it is seeking participants for a new initiative focused on automating homeowner insurance (HOI) requests.
Today, HOI validation and the exchange of related information is often a very manual process. Standardizing HOI data exchange requests and responses will decrease transaction processing time, increase data accuracy, encourage uniformity across the industry and increase the security around non-public information.
A new development workgroup (DWG) is being formed to lead the initiative and standardize the data transmission procedure used when processing HOI requests. The DWG's deliverables will include:
- Documenting the data requirements associated with HOI request and response;
- Soliciting participation, input, and feedback from industry participants; and
- Creating a standard request and response in XML and JSON.