Skip to main content

MISMO Releases Updated Industry Loan Application Dataset
May 20, 2020
Photo credit: Getty Images/ipopba

The Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it has updated the Industry Loan Application Dataset (iLAD), the modernized dataset for exchanging loan application data, to “Candidate Recommendation” status. This means it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use.
The Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it has updated the Industry Loan Application Dataset (iLAD)“MISMO continues to deliver for the industry by digitizing processes and finding better ways to serve consumers. iLAD will allow for seamless exchanges of loan application data and will provide a better experience for all industry participants,” said Mike Fratantoni, president of MISMO and chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association (MBA).
The release of iLAD (v2.0.1) incorporates recent updates to the drafted specification (v2.0) following a 30-day public comment period announced in March 2020. MISMO has incorporated changes to iLAD that had been previously made to its source files, which include the Uniform Residential Loan Application (URLA) dataset, Version 1.8; Desktop Underwriter AUS Request dataset, Version 1.8.1; and Loan Product Advisor AUS Request dataset, Version 5.0.06.
iLAD–first released for public comment in September 2019–is a compendium of data points included in the URLA, the Government Sponsored Enterprises’ (GSEs) new Automated Underwriting System (AUS) interfaces, and the existing Fannie Mae 3.2 file. iLAD is expected to replace the many peer-to-peer data exchanges that currently utilize the Fannie Mae 3.2 file as a de facto data exchange standard.
The most recent update contains 15 changes to the iLAD specification, which have been documented in the “Revision History” section of the specification. Adoption of iLAD is expected to be evolutionary, as businesses collaborate with business partners to determine the best time to implement. MISMO issued the updated specifications to provide time for companies to evaluate how and when to adopt iLAD. 

May 20, 2020
More from
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.

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.

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.

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.

Jan 12, 2022
Demand For Financial Protection Policies Increase

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

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.

Jan 12, 2022