MISMO Seeks Participants for Two New Workgroups Focused on RON Standards and an OpenAPI Specification for Determining Program Loan Limits Applicability
WASHINGTON, D.C. (Janauary 19, 2021) - MISMO®, the industry's standards organization, today announced it is seeking participants for two new workgroups. The first is focused on assessing the existing MISMO remote online notarization (RON) standards. The second aims to create a MISMO standards-based application programming interface (API) specification that returns loan limits based on property address.
RON has seen its popularity and usage grow across the industry, with a recent survey from the American Land Title Association finding that use of RON has increased 547% in 2020 versus 2019. The new RON workgroup will assess and gather feedback on MISMO RON Standard V1 and investigate the need to update it as MISMO RON Standard V2.
MISMO is building next-generation technologies for the industry. As part of its efforts to build APIs and data exchanges using technologies such as JSON, the new MISMO workgroup will build upon recent JSON API toolkit efforts to focus on a Federal Information Processing Standards (FIPS) code API for use in determining program loan limits.
The API will allow a lender to quickly determine, for a given property address, if the loan exceeds the FIPS code limits, which is especially useful for specific programs such as Fannie Mae's HomeReadyTM program. The API also will include the ability to look up the FIPS code based on the property zip code.
For more information about MISMO, visit www.mismo.org.