Skip to main content

MISMO Creates Group Focused on Blockchain Technology

Apr 11, 2018
Equator, an Altisource business unit, has announced an agreement with Factom Inc. to integrate the Factom Harmony blockchain-as-a-service (BaaS) platform into the Equator PRO solution

MISMO, the mortgage industry's standards organization, has created a new group to foster conversation about the potential for using Blockchain within the mortgage industry. The new group, officially known as the Blockchain Community of MISMO, the mortgage industry's standards organization, has created a new group to foster conversation about the potential for using Blockchain within the mortgage industryPractice, will explore this emerging technology to understand where and how it could be used within the industry, as well as what might be required to implement the technology. MISMO invites all interested parties to participate in this new group. By joining this Community of Practice, participants will also gain access to blockchain experts and related educational materials that explain blockchain technology.
“As the development and use of digital mortgage tools continues to accelerate, there is a real potential for our industry to leverage blockchain technology to improve transparency and reduce costs, which are the key goals of any mortgage banking operation,” said Laurie Pyle, Chief Operating Officer, Factom. “By joining the new Blockchain Community of Practice, mortgage industry participants have the opportunity to be on the ground floor of this exciting new technology and to provide input on new standards and best practices that may soon revolutionize the world of mortgage finance.”
Blockchain technology is increasingly being explored for use throughout the financial services industry to enable faster, more secure digital transactions. Blockchain is based on digitized, distributed ledgers, which are databases that are shared and synchronized across multiple sites to record transactions, similar to an accounting ledger. Distributed ledgers have the potential to serve as a single sole source of truth for specified industry documents, data and/or transactions and could help lenders reduce compliance burdens, improve data quality and lower costs.
“The MISMO Blockchain Community of Practice will provide a forum for industry participants to discuss their business and technology challenges—and we’ll be able to collaborate on developing a collection of best practices for using distributed ledger technology and MISMO standards to verify loan transactions on a blockchain network,” said Shawn Jobe, Director of Software Development at Factual Data and a member of the MISMO Residential Standards Governance Committee. “Any organization involved in the mortgage industry, including lenders, software vendors, third-party service providers and public agencies, are invited to participate.”
The goals of the MISMO Blockchain Community are to develop standards for using distributed ledger technology and MISMO standards to:
►Define a collection of practices for achieving interoperability within a blockchain network using distributed ledger technology and MISMO standards
►Define how transactions and transactional data are recorded and/or referenced on blockchain-based distributed ledgers using the MISMO standards
►Create prototypes, or possibly a blockchain network, using distributed ledger technology and smart contracts based on MISMO standards
►Develop guidance on how mortgage data will be represented on a blockchain network
►Perform industry education and outreach on blockchain technologies

About the author
Apr 11, 2018
More from
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Raising An Ai Brainchild In The Mortgage Industry

Angel Ai takes on the next five years with a new ‘do and functions to boot

May 02, 2024
NAR Partners With SoFi

NAR members and their clients can receive exclusive rates and discounts on mortgages, student loan refinancing and personal loans.

Apr 09, 2024
How InstaAI Transforms Loan Officers' Efficiency And Performance

By building a first-of-its-kind GenAI solution, InstaMortgage continues to redefine industry standards

May 07, 2024