Lender Processing Services Inc. (LPS) has announced that Randy Gillis has been appointed the chair of the Strategic Planning Committee for the Mortgage Industry Standards Maintenance Organization (MISMO). MISMO, a wholly-owned subsidiary of the Mortgage Bankers Association (MBA), is the standards development body for the residential and commercial real estate finance industries. Gillis, the senior vice president of Enterprise Information Management for LPS' Servicing Solutions and Technology division, will lead the newly formed Strategic Planning Committee in monitoring mortgage industry trends and anticipating future needs to help MISMO stay on the leading edge of data-reporting standards. The group will also identify ways to continue to be innovative and assess the need for additional industry standards.
"Randy's strong commitment to increased transparency, greater data consistency and reduced processing costs in the mortgage industry make him an outstanding choice to lead strategic planning for MISMO," said LPS Chief Operating Officer Dan Scheuble. "LPS fully supports MISMO's efforts to foster a more secure, efficient and economical mortgage process."
MISMO is an organization that works to develop, promote and maintain voluntary standards for the real estate finance industry. MISMO is working toward greater data consistency among mortgage transaction participants to help reduce processing costs, increase transparency and boost investor confidence in mortgage and real estate asset classes, which could result in a cost savings to borrowers.
"We greatly appreciate LPS' contribution of Randy's time and talent to support MISMO's focus on meeting the industry's growing and evolving needs," said Mike Fratantoni, president of MISMO. "We are confident that Randy's leadership will help us to gain fresh insight into ways we can improve standards and data for all points in the mortgage life cycle."