eLynx Achieve New MISMO Certification
September 23, 2014
eLynx announced that Expedite, the services platform underlying its core products, has achieved a premiere level certification from the Mortgage Industry Standards Maintenance Organization (MISMO).
This certification is earned through an independent, MISMO-authorized assessor’s review, and demonstrates Expedite’s continued market leadership in complying with the latest standards for data exchange and communication. eLynx said in a release. Expedite has received certification for MISMO Version 3.3 within the Information Exchange business domain.
Lenders increasingly prefer standard, open interfaces that allow for quicker implementations and faster time to market versus proprietary interfaces that require customized expertise or lock them into a particular vendor, according to eLynx. Data interoperability is a challenge because the mortgage workflow involves multiple participants, each with its own specific systems. To achieve a more efficient and fully compliant process, these disparate systems must work together to pass data back and forth in order to allow for tighter collaboration and communication. This need has become all the more critical with the Aug. 1, 2015 implementation deadline for the new integrated disclosures. A three-page Loan Estimate will replace the current GFE and early Truth-in-Lending disclosure, while a five-page Closing Disclosure will replace the HUD-1 and final TIL.
“When the CFPB issued the new integrated disclosure standards, they didn’t just end up creating new forms,” said Sharon Matthews, eLynx president and CEO. “They have triggered a fundamental process shift in how the two most important consumer-oriented forms are created.”
With many lenders planning on taking over responsibility for the new forms, the level of collaboration needed between lender, title underwriter and settlement agent to create the new Closing Disclosure makes standardized data exchange a must, according to Matthews.
“You can’t get to the new forms just from your existing systems,” she added. “You need a way to tap into multiple systems so you can bring together the different data elements that are needed in the new forms. That is why MISMO is so vital to the process and why we have put our support behind the latest MISMO standard.”
The premise behind MISMO’s Compliance Certification program is to broaden the industry’s adoption of MISMO standards for data exchange and interoperability.
“We wanted to ensure that the market would have a greater level of transparency as to which vendors offer compliant products,” said Randy Gillis, chair of MISMO’s Strategic Planning Committee. “As more vendors adopt the standard, there will be a richer portfolio of technology solutions for lenders to consider as they look for providers to meet their needs.”
Contact ALTA at 202-296-3671 or [email protected].