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MISMO Seeks Public Comment on Enhanced Version of Industry Loan Application Dataset

May 9, 2023 MISMO Press Release Technology

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Caitlin Groves

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    WASHINGTON, D.C. (May 9, 2023) – MISMO®, the real estate finance industry's standards organization, is seeking public comment on an enhancement to the Industry Loan Application Dataset (iLAD), an industry standard for the exchange of loan application information. 

    iLAD version 2.4.0 extends the capabilities and increases the effectiveness of the dataset, which serves as the industry’s standard method for exchanging data associated with originating and underwriting mortgage loans. The 30-day public comment period for the dataset runs through June 8, 2023.

    The most recent version of iLAD includes a minor version update to include GSE AUS changes (Freddie Mac Loan Product Advisor® v5.3.00 & Fannie Mae Desktop Underwriter® v1.8.4) along with other member-requested changes. 

    Updates to the new version include:
    • Various added/removed AUS data points and enumerations
    • New datapoints to capture detail related to bankruptcy, foreclosure, and military service
    The public comment period allows those who participated in the proposals at least 30 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should be directed to [email protected].

    MISMO's work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join visit MISMO.org.