Mortgage Companies Must Get Their Digital Docs in Order
MISMO data standards are no longer confined to a niche market
A niche market can be defined as a commerce segment in which a business or group of businesses produce a limited and clearly defined range of specialized products for a narrow group of customers. The highly specialized data-standards products developed by the Mortgage Industry Standards Maintenance Organization (MISMO) for a small group of professional-services and data-architecture clients for years fit the definition of a niche market. That's not the case anymore.
Over the last decade, the use of MISMO standards has grown exponentially through the driving force of the Uniform Mortgage Data Program (UMDP) rolled out by the behemoth government-sponsored enterprises (GSEs). The UMDP is an effort undertaken by Fannie Mae and Freddie Mac to enhance the quality and standardization of data exchange within the mortgage industry. The GSEs have chosen to use MISMO's standards and data schema as the basis for the UMDP.
MISMO develops voluntary electronic commerce standards for the residential and commercial property markets. Among the goals of the nonprofit, which is a subsidiary of the Mortgage Bankers Association (MBA), is to facilitate the seamless and secure digital exchange of financial-transaction documents, such as eMortgages. The all-volunteer organization, according to its website, seeks to advance data consistency in those transactions while reducing processing costs and increasing investor confidence in digital real estate finance and mortgage transactions...Read More Here.