The First Three Companies Become MXCompliance Certified
|September 26, 2005|
The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), launched its MISMO eXtensible Markup Language (XML) Compliance (MXCompliance) for credit reporting just a few short months ago. To this end, three companies from the credit reporting sector - Bixby Consulting, Fair Isaac Corporation and Gallagher Financial Systems Inc. - recently completed the compliance certification process and several more companies are in the process. MXCompliance allows for implementers of MISMO’s Internet-based XML standards to reference requirements and take steps in becoming officially compliant, according to MISMO, as well as validate their XML. MXCompliance is necessary as the industry continues to advance while adopting MISMO standards.
“The MISMO brand has become widely recognized as offering efficiencies through standards development and innovation. In order to ensure that developers, purchasers and investors can rely on a company displaying the MISMO brand, the MISMO Board of Directors approved the launch of MXCompliance,” said Ed Godycki, chief technology officer and managing director, Countrywide Financial Corporation and chair of the MISMO board of directors. “I commend these three pioneers in completing the certification process and encourage others to follow their lead.”
There are three types of MXCompliance Services: Verification, Import and Export. Verification is a service for businesses interested in purchasing Certified Products and Services from organizations that are certified as MISMO-compliant. For a nominal fee, the Verification Service ensures that vendor products and services have maintained compliance with the products that were MXCompliance certified. The Import and Export Services are used by Applicants seeking certification of their product or service interfaces against MISMO standards. The cost of MXCompliance is based on the transaction being certified. A suite of MXCompliance trademarks have been designed that will be licensed to those organizations that pass the compliance standards successfully. Recertification will occur annually.
MISMO is the premiere standards development body for the real estate finance industry. MISMO has been and continues to accept specifications from other MISMO workgroups to establish minimum requirements, as MISMO plans to expand and make this service available for other transaction areas in the future. The mortgage insurance area is the most recent to submit its specifications. Additional MISMO process areas are anticipated by year’s end.