Nationwide mortgage documents and compliance provider International Document Systems (IDS) and loan origination software (LOS) provider LendingQB announced that they have successfully implemented the MISMO 3.3 data standard for document compliance, and are among the first mortgage vendors to do so.
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in order to provide the mortgage industry with a common language to exchange information in order to streamline processes, improve accuracy, and boost investor confidence. The industry has been able to improve access to data exchange between vendors by utilizing MISMO, ultimately creating a better experience for the borrowers by lowering the cost to obtain a mortgage loan.
The MISMO 3.0 standard was created in 2009 and updated to 3.3 in 2014 to reflect new regulations and reporting requirements implemented by the CFPB’s TRID rule, which went into effect on October 3, 2015.
The two companies emphasized the importance of utilizing the MISMO 3.3 data standard for TRID compliance and also for meeting the mortgage industry’s future needs. While the impact of MISMO 3.3 is largely not visible to lenders, it provides the framework for vendors to effectively comply with TRID.
“Utilizing the latest MISMO standard makes it easier for lenders to produce accurate and compliant mortgage documents,” said Daniel Miller, Vice President of Business Development at IDS. “There is a tremendous amount of data that needs to be transferred between an LOS system and IDS in order to make sure lenders can render an accurate disclosure document. TRID introduced not only new fields, but an entirely different way of tracking fees.”
“MISMO 3.3 is critical for lenders to stay compliant because it allows their technology providers to respond to changes in the regulatory framework more quickly and cost effectively,” said Binh Dang, President of LendingQB. “LendingQB and our best-of-breed technology partners are dedicated to ensuring that our clients have access to the latest technology available.”
LendingQB is headquartered in Costa Mesa, California, and IDS is headquartered in Salt Lake City, Utah.