MISMO Seeks Comment On Enhanced Version Of iLAD – NMP Skip to main content

MISMO Seeks Comment On Enhanced Version Of iLAD

David Krechevsky
Jul 06, 2022

Updated version includes new USDA GUS specification MISMO v3.4

MISMO, the real estate finance industry's standards organization, is seeking public comment on an enhancement to the Industry Loan Application Dataset (iLAD), an industry standard for the exchange of loan application information. 

MISMO said the iLAD version 2.2.0 extends the capabilities and increases the effectiveness of this dataset, which serves as the industry's standard method for exchanging data associated with originating and underwriting mortgage loans. 

The 30-day public comment period for this dataset runs through Aug. 5, 2022.

The most recent version of iLAD was updated to include the new USDA Guaranteed Underwriting System (GUS) Specification, which is based on MISMO's v3.4 Reference Model. As a result, new data points and enumerated values were added to better support evolving industry loan origination and underwriting business processes. The new, updated version is referenced as iLAD version 2.2.0.

iLAD is a compendium of data points and allows for the seamless exchange of loan application data between industry partners. It reduces friction and improves efficiency as originators can use this one resource rather than have to create their own proprietary exchange, MISMO said.

In May 2022, MISMO released iLAD 2.1.0, incorporating recent updates to the Fannie Mae Desktop Underwriter Automated Underwriting System (AUS) Request and the Freddie Mac Loan Product Advisor® AUS Request. iLAD 2.2.0 builds on this work.

The public comment period provides notice to workgroup participants and industry professionals, prior to final release, in order to review the guide and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should be directed to [email protected]

MISMO, the Mortgage Industry Standards Maintenance Organization, works to solve key business challenges. This is made possible by lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.

Jul 06, 2022
Homeward Lays Off 20% Of Staff

Alternative real estate financing company cut about 120 jobs.

Industry News
Aug 12, 2022
Lone Peak Lending Joins Panorama Mortgage Group

Names Donovan Stamps as president.

Industry News
Aug 11, 2022
Fairway Independent Mortgage Hires Former PrimeLending President

Firm says Scott Bristol is part of aggressive originator expansion.

Aug 11, 2022
Mortgage Rates Jump Back Above 5%

Freddie Mac says rates recent volatility continues.

Industry News
Aug 11, 2022
Redfin: Share Of Relocating Buyers At All-Time High In July

People are looking for less expensive and better lifestyles.

Industry News
Aug 11, 2022
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Aug 11, 2022