MISMO Releases Updated Industry Loan Application Dataset

May 20, 2020

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.

“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.

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May 20, 2020

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