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MISMO® Seeks Input on New Standardized Loan Application Dataset

MISMO® Seeks Input on New Standardized Loan Application Dataset

WASHINGTON, D.C. (February 12, 2019) — (RealEstateRama) — MISMO, the mortgage industry’s standards organization, is seeking industry participants to collaborate on developing a standardized loan dataset that will correspond with the new Uniform Residential Loan Application (URLA). The dataset is geared for general industry use for business-to-business exchanges that need to reflect the data included in the URLA. The development of a standard data exchange is intended to improve accuracy and consistency for industry participants exchanging application information with their business partners.

“To avoid inefficiencies that result in lost time and money, the industry needs a standardized data exchange that reflects the information contained in the URLA,” said Rick Hill, Executive Vice President of MISMO and Vice President, Industry Technology at the Mortgage Bankers Association (MBA). “By acting now and leveraging the power of MISMO’s resources and its collaborative environment, we have the power to create the new dataset by next year – the time lenders implement the new loan application form.”

MISMO’s Standardized Loan Application Dataset Workgroup will review current loan application data formats to identify a new dataset for use on all loan applications and supporting documents based on its 3.4 standards. In addition to creating a dataset for exchanging loan application information, the Workgroup will create a sample file and mapping document, an implementation guide and a library of use cases to help lenders adopt the new information exchange when they are ready.

Any standards created by the Workgroup will be made available for public comment prior to being finalized. Workgroup participants do not have to be members of MISMO to join, but only MISMO members will be able to vote on the new standards.

Individuals who would like to participate in this collaborative, industry-wide effort should send an email titled, “Join Standardized Loan Application Dataset Workgroup” to . More information about the Standardized Loan Application Dataset Workgroup and other MISMO workgroups is available at mismo.org.

CONTACT
Adam DeSanctis

(202) 557-2727

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700