MISMO Plans Standards for Mobile-Based Mortgage Transactions

MISMO is seeking participants to offer input in its new Business to Consumer (B2C) Development Workgroup designed to develop standards for consumer transactions using mobile devices.

According to MISMO, the goal is to create standards using JavaScript Object Notation (JSON), a lightweight language for structuring data that is used on mobile platforms. To date, no industry standards exist for using smartphone devices or JSON in the mortgage process, despite the proliferation of those devices in financial transactions. This new endeavor with identify the required and optional B2C transactions taking place throughout the mortgage life cycle, implement the business drivers for creating technical specifications for consumer transactions and create the JSON language specifications for required and possible optional transactions.

 

“A growing number of lenders are already using JSON to collect information and conduct business with consumers via smartphones, including mortgage preapprovals,” said MISMO Executive Vice President and MBA Vice President of Industry Technology Rick Hill. “Unless standards are developed as smart devices are deployed for mortgage transactions, adoption of these technologies could become very fragmented and lead to miscommunication between lenders and third parties. By collaborating with industry experts, MISMO hopes to bring consistency to B2C transactions and help more lenders take advantage of these exciting innovations.”

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