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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.