MISMO has released the Industry Loan Application Dataset (iLAD), a compendium of data points included in the new Uniform Residential Loan Application (URLA), the government-sponsored enterprises’ (GSEs) new Automated Underwriting System (AUS) interfaces, and in the existing Fannie Mae 3.2 file.
iLAD, which uses MISMO’s v3.4 Reference Model, is designed to replace many of the peer-to-peer data exchanges that utilized the Fannie Mae 3.2 file, which will not be updated for changes to the URLA. The iLAD is being released for a 60-day comment period for MISMO members, with the comment period concluding on Nov. 3.
“It’s imperative that we have a standard process to allow the seamless exchange of loan application data between all industry partners,” said Rick Hill, executive vice president of MISMO and MBA Vice President of Technology. “Standardized data exchanges developed in a consensus manner are a prerequisite for the industry for it to continue to successfully digitize its processes, find new ways to serve consumers, and drive down costs.”