eLynx has announces that Expedite, the services platform underlying its core products, has achieved the first-ever Premiere Level certification from MISMO. This certification is earned through an independent, MISMO-authorized assessor’s review, and demonstrates Expedite’s continued market leadership in complying with the latest standards for data exchange and communication. Expedite has received certification for MISMO Version 3.3 within the Information Exchange business domain.
Lenders increasingly prefer standard, open interfaces that allow for quicker implementations and faster time to market over proprietary interfaces that require customized expertise or lock them into a particular vendor. Data interoperability is a challenge because the mortgage workflow involves multiple participants, each with its own specific systems. To achieve a more efficient and fully compliant process, these disparate systems must work together to pass data back and forth in order to allow for tighter collaboration and communication. This need has become all the more critical with the forthcoming transition to the new integrated disclosures in August of 2015.
“When the CFPB issued the new integrated disclosure standards, they didn’t just end up creating new forms,” said Sharon Matthews, eLynx president and CEO. “They have triggered a fundamental process shift in how the two most important consumer-oriented forms are created.”
With many lenders planning on taking over responsibility for the new forms, the level of collaboration needed between lender, title underwriter and settlement agent to create the new Closing Disclosure makes standardized data exchange a must.
“You can’t get to the new forms just from your existing systems,” said Matthews. “You need a way to tap into multiple systems so you can bring together the different data elements that are needed in the new forms. That is why MISMO is so vital to the process and why we have put our support behind the latest MISMO standard.”
The whole premise behind MISMO’s Compliance Certification program is to broaden the industry’s adoption of MISMO standards for data exchange and interoperability.
Randy Gillis, chair of the Strategic Planning Committee at MISMO “We wanted to ensure that the market would have a greater level of transparency as to which vendors offer compliant products. As more vendors adopt the standard, there will be a richer portfolio of technology solutions for lenders to consider as they look for providers to meet their needs.”