MISMO Announces Major E-Commerce Milestone
|March 13, 2002|
Release of Version 2.1 Triples Data Coverage in Residential Mortgage Industry
Atlanta, GA (March 13, 2002) - The Mortgage Industry Standards Maintenance Organization (MISMO) announced today that it has reached a major milestone toward "paperless" electronic or Internet mortgage transactions with the first full release of a set of data structures that are similar in format, and contain common syntax and structures that range all the way from mortgage application through to the servicing process.
This release of the 2.1 Logical Data Dictionary and Document Type Definitions (DTD) effectively triple the size of the standard by including additional significant business areas such as Servicing for Servicing Transfer transactions and Appraisal for real-estate property information standardization. The 2.1 release also includes Credit Request and Response, Enveloping Request and Response, Mortgage Insurance Request Response and Title Request and Response.
"We are very pleased with the progress MISMO has made in a very short time, and are very thankful to our volunteer "work force" that made this release happen. The release of Version 2.1 is a testament to the commitment the real estate finance industry has to simplifying the electronic mortgage application process for consumers and lenders alike," said Gabe Minton, Senior Director of Industry Technology at MBA. "With both Fannie Mae and Freddie Mac agreeing to support Version 2.1, the industry can continue to move swiftly to make the Internet a viable option for all aspects of the mortgage process."
The Mortgage Bankers Association of America (MBA) established MISMO in January 2000 to develop, promote and maintain electronic Commerce standards for the commercial/multifamily and residential mortgage industries.
Currently there are over 80 subscriber organizations to MISMO and over 500 people participating. Subscriber organizations include Freddie Mac and Fannie Mae and a diverse group of real estate finance related businesses such as originators, multi-service, mortgage insurance, servicing, credit reporting, land title, secondary, mortgage brokers, hazard and flood insurance, as well as tax service.
Source: Mortgage Bankers Association