MISMO
One of the fundamental challenges in the mortgage industry is the lack of an internally consistent, precise and universally accepted language that applies to mortgage information. This variability exists at many levels: the "correct" name and meaning of a data value, the name of a mortgage document, or the documents and data that "belong" in a given transaction between entities.
Consequently, the sharing of mortgage information between firms, and even between systems within a firm, remains unnecessarily complex, inflexible, time consuming and expensive.
MISMO Inc. (the Mortgage Industry Standards Maintenance Organization, established by the Mortgage Bankers Association) was created to address this fundamental issue by developing XML-based real estate finance specifications. Doxentric has been a long-time participant and leader within MISMO in the development of these standards.
The migration to full eMortgage standards will be a substantial undertaking for any firm. However, the opportunity exists right now to utilize elements of the MISMO standards to greatly improve your current processes - including your paper and image-based workflows - without embarking on a full implementation of eMortgage standards. Let us show you how.
