Mortgage software developer leads industry with three MISMO certifications
July 13, 2006
Dynatek First with MXCompliance Certification for
Automated Underwriting
Dynatek, Inc. today announced that its MORvision mortgage automation system has been certified for Automated Underwriting Systems (AUS) by MISMO. The first and only company to receive AUS certification to-date under the MISMO MXCompliance Program, MORvision was certified for AUS v.2.3.1 – Export on April 5, 2006.
Since launching MISMO eXtensible Markup Language (XML) Compliance (MXCompliance) for the credit reporting transaction last spring, MISMO has rolled out requirements for mortgage insurance (MI) application transaction and now the AUS transaction. Dynatek was one of the first to earn certification for credit in October of 2005, followed by MI in January of 2006. Dynatek is now leading the MISMO certification effort by becoming the first to earn certification for AUS, making Dynatek the only company to hold all three MXCompliance certifications to-date.
Dynatek was instrumental in creating certification standards for AUS 2.3.1. As chair of the Mortgage Origination Work Group, Dynatek senior business analyst, Denise Lawrence, helped lead the effort working with Fannie Mae, Freddie Mac, and other industry leaders to ensure development of a robust testing procedure.
“Finalizing the AUS MXCompliance certification provided a critical benchmark in the industry for the adoption of MISMO standards”, said Denise Lawrence. “Dynatek has been involved with MISMO since its inception and proudly supports the organization. As an LOS vendor we feel that MISMO MXCompliance certifications provide us the ability to offer the best possible software for our clients.”
Debuting on March 30, 2006, MISMO’s AUS Certification Standards mark an enhancement in the MXCompliance service by allowing applicants like Dynatek to certify against three separate requirements based on the loan products they support. With this “MISMO-compliant” stamp of approval, entities can differentiate themselves within the request for proposal (RFP) process by illustrating their commitment to free and open data standard transactions, demonstrating overall flexibility and showing that they passed a third party test.
“The MISMO brand has become widely recognized as offering efficiencies, to the mortgage lending industry, through standards development and innovation,” said Gabe Minton, executive vice president at MISMO. “The MXCompliance service continues to grow as it rolls out requirements for the various transaction areas, like AUS. The industry, as it continues to adopt data standards, will, without a doubt be positively impacted by these 'MISMO safe-guards' that are being put into place."
As MISMO expands the MXCompliance Program for other transaction areas in the future, it is anticipated that flood will be the next to debut. Throughout this process Dynatek will continue to provide input when asked, and plans to seek certification for all relevant origination-related transaction sets as they become available in the future.
For more information on MISMO, visit www.mismo.org.
For more information on MXCompliance, visit mxcompliance.mismo.org.
Contact ALTA at 202-296-3671 or [email protected].