MISMO® Announces Call for Participants for Workgroup to Enable Digitization of Closing Instructions
WASHINGTON, D.C. (August 19, 2020) - MISMO®, the mortgage industry's standards organization, today announced a call for industry experts to participate in a working group to enable the digitization of closing instructions. The Closing Instructions Development Workgroup completed, and MISMO released, Master and Transactional Closing Instruction templates earlier this year. These new standards bring needed efficiencies to the closing process including reduced fee refunds, lower operational overhead, reduced compliance and loan salability risk, and enhanced consumer experience.
This next phase will take the completed templates and map the data points in the templates to the MISMO reference model. This will allow industry participants, such as lenders, settlement service providers, loan origination systems, and document vendors, to exchange information seamlessly and reliably between systems.
Industry experts are invited to attend the kickoff developmental workgroup session on Wednesday, Sept. 2 at 1:30 pm ET at the MISMO Virtual Fall Summit.
Professionals interested in participating in the Closing Instructions Development Workgroup and helping create the "1003 of closing instructions" should email firstname.lastname@example.org.
For more information about MISMO, visit www.mismo.org.