The trade group stated that its investment was designed to allow MISMO to further pursue key initiatives including a uniform dataset for private label mortgage-backed securities, a standardized closing instructions template, harmonized remote online notary standards, common standards to encourage business-to-consumer communications on smartphones and tablets, and appraisal and rent roll standards for commercial and multifamily lenders. The announcement was made during the MBA’s 2019 Technology Solutions Conference and Expo.
“MBA’s investment will provide seed funding to accelerate the development of new initiatives. We hope that lenders, vendors and others across the mortgage industry will follow MBA’s lead by contributing additional funding and the human resources necessary to deliver the standards that will support innovation throughout the industry,” said Kurt Pfotenhauer, Chairman of the Board of Directors for MISMO, and Vice Chairman at First American Title Insurance.
“This investment will speed the development of industry-wide standards, benefiting lenders of all sizes and business models, by improving the integration and flow of data across the entire industry,” said Mike Fratantoni, President of MISMO and MBA’s Chief Economist and Senior Vice President of Research and Industry Technology.