Executive Summary of MISMO Accomplishments
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Here are highlights of MISMO initiatives which improve efficiency and communications between business partners and save time and money.
MISMO In 2020:
- Updated the Logical Data Model to include JSON support for mobile;
- Released MISMO Verion 3.4 which includes enhancements to GSEs Uniform Loan Application Dataset (ULAD) and CFPB's Home Mortgage Disclosure Act;
- Created Industry Loan Application Dataset (iLAD) which provides a standard way for the mortgage industry to exchange loan application information;
- Created Taxpayer Consent Language which is used by a range of organizations including lenders, government-sponsored entities, IRS form 4506-T fulfillment vendors, mortgage insurers, and due diligence firms;
- Launched Standardized Closing Instructions templates to enable lenders to communicate more effectively with settlement agents;
- Focused on facilitating seamless Servicing Transfers allowing for a more consistent experience for servicers and consumers;
- Created Remote Online Notarization (RON) standards which have enabled remote closings during the pandemic;
- Implemented RON Certification to assist lenders in identifying product vendors that meet MISMO standards;
- Created Digital Mortgage Resource Center;
- Announced an Innovation Investment Fee to speed deployment of an industry digital solution.