MBA Announces $2 Million Investment in MISMO
MBA NewsLink Staff
DALLAS--The Mortgage Bankers Association announced a $2 million investment in MISMO, the mortgage industry standards organization.
MBA Chairman Chris George made the announcement here at the MBA Technology Solutions Conference and Expo. He said the investment will enable MISMO to expand its resources in support of key initiatives, including:
--A uniform dataset for private-label mortgage-backed securities;
--A standardized closing instructions template;
--Harmonized remote online notary standards;
--Common standards to encourage business-to-consumer communications on smartphones and tablets; and
--Appraisal and rent roll standards for commercial and multifamily lenders.
"MBA's investment will provide seed funding to accelerate the development of initiatives," said George, Founder, President and CEO of CMG Financial, San Ramon, Calif.
"We hope that lenders, vendors and others across the mortgage industry will follow MBA's lead by contributing additional funding and the human resources necessary to deliver the standards that will support innovation throughout the industry," said Kurt Pfotenhauer, Chairman of the Board of Directors for MISMO and Vice Chairman of First American Title Insurance.
"This investment will speed development of industrywide standards, benefitting lenders of all sizes and business models, by improving the integration and flow of data across the entire industry," said Mike Fratantoni, President of MISMO and MBA Chief Economist and Senior Vice President of Research and Industry Technology.
MISMO standards are established through a voluntary consensus process open everyone. Subject matter experts from all sectors of the mortgage finance industry participate in the process. Voting on proposed standards is limited to MISMO members only.
"MISMO standards have been adopted by nearly all industry stakeholders including regulators, housing agencies and the GSEs," said Rick Hill, Executive Vice President of MISMO and MBA Vice President of Technology. "With MBA's commitment to MISMO, we will be able to continue to effectively serve the industry."
The Mortgage Industry Standards Maintenance Organization is the standards development organization for the residential and commercial finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by MBA. For more information, visit www.mismo.org.