The Mortgage Industry Standards Maintenance Organization, a subsidiary of the Mortgage Bankers Association, announced it is inviting the mortgage industry's participation in creating an enhanced digital verification process.
MISMO announced it is inviting mortgage industry participants to collaborate in a new effort to create a more trustworthy, verifiable process. The process will assure users that loan documents and associated data are consistent, reliable and unaltered.
The project will be conducted by a newly created group called the MISMO Version 3 Verifiable Profile SMART Doc Development Workgroup.
“The new version 3 SMART Doc specification will accelerate digital transformation efforts and enable organizations to further automate document and other compliance processes,” MRN3 Chief Information Officer Charlie Epperson said. “MISMO provides a tremendous forum for mortgage industry collaboration and innovation through which we can enhance the standards and bring these capabilities to the industry.”
MISMO explained the current industry trend toward a more digital process relies on accurate data. Inconsistency between documents and data exchange between organizations contributed to a distrust of data, and required it to be manually compared by individuals.
MISMO is seeking to improve this process. In 2017, it provided implementation guidance for the industry to create data and documents that reflect if data was altered, called the tamper evidence process.
Now, it is taking this system a step further. MISMO will create a technical framework and related implementation guidance that facilitates automated validation that the data and document are in agreement and have not been modified.
The new workgroup will develop requirements for document security and integrity, provide implementation guidance, develop sample documents and use cases, and other materials that may help improve trust in the data as well as facilitate the transition to digital mortgages.
MISMO announced it is looking for technology and business oriented individuals to participate. Participants will contribute towards solutions to address the need for more guidance to facilitate implementation and adoption of the latest MISMO eNote standard including providing implementation guidance, sample use case specifications, eNote specifications in the verifiable format and supporting educational materials.
MISMO announced the deadline to sign up for this group is Friday, April 20, 2018.