Skip to main content

DocMagic Implements MISMO Version 3.3 to Support the TILA-RESPA Rule Changes

NationalMortgageProfessional.com
Feb 11, 2015

DocMagic Inc. has announced that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model. The Consumer Financial Protection Bureau’s (CFPB) Integrated Disclosure Rule combines the mortgage disclosures required under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It requires lenders to use the new integrated disclosures beginning on Aug. 1, 2015.  Successful compliance with this rule depends on use of the latest version of the data standard.

Version 3.3 of MISMO establishes a common dataset that is essentially a prerequisite for lenders to use the CFPB’s new integrated disclosures and share the information about the disclosures with their industry partners. The CFPB's Integrated Disclosures will replace the current Good Faith Estimate (GFE) HUD-1 Settlement Statement, and Truth-in-Lending (TIL) disclosures for most residential mortgage loans as of Aug. 1, 2015. DocMagic is the first document preparation software vendor to implement MISMO Version 3.3.

“Our early implementation of MISMO version 3.3 is significant because it is yet another step that we are taking to proactively prepare for the CFPB’s new Integrated Disclosure rule, as well as industry innovation involving the disclosures,” said Dominic Iannitti, president and CEO of DocMagic. “Any software provider that is involved in loan closings or data exchange must update their respective systems to implement the new dataset in order to effectively support their partners and lender clients.  Those organizations that wait will likely not be ready to meet the CFPB’s deadline and as a result will encounter serious compliance issues.”

In March of 2014, the GSE’s introduced the Uniform Closing Dataset UCD, which is based on the MISMO v3.3 Reference Model standard used to support the Closing Disclosure under the CFPB’s new Integrated Disclosure rule. The Closing Disclosure is the form that combines the final TILA and HUD-1 Settlement Statement. As a result, closing documents will change significantly come Aug. 1, 2015.  Lenders will be responsible for the Closing Disclosure and will need to automatically and seamlessly exchange the data from this disclosure with its settlement agents and other partners.

Published
Feb 11, 2015
More from
Tech
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Bubble Releases Its Insurance-in-a-Box Offering

A new technological innovation straight out of Silicon Valley provides companies home and life insurance an instantaneous online process.

Tech
Jan 17, 2022
OptifiNow And NextUs Lending Announce New Partnership

CRM solutions provider, OptifiNow, announced its latest partnership with Irvine-based non-QM wholesale lender, NextUs Lending.

Non-QM
Jan 13, 2022
Digital Lending Platforms Market Size Undergoes Extraordinary Growth

The global digital lending platform market size is projected to reach $20.31 billion by 2027.

Tech
Jan 12, 2022
Demand For Financial Protection Policies Increase

As the number of claims increased over the pandemic, premiums for financial protection policies rose.

Tech
Jan 12, 2022
loanDepot Wholesale Upgrades mello Broker Portal

loanDepot Wholesale will introduce new upgrades to its mello®Broker Portal to further streamline the closing process for brokers and settlement agents.

Tech
Jan 12, 2022