MISMO Seeks Comment on iLAD Update

The Mortgage Industry Standards Maintenance Organization (MISMO) said Tuesday it is seeking public comment on an enhancement to the Industry Loan Application Dataset (iLAD), an industry standard for the exchange of loan application information. 

iLAD version 2.4.0 extends the capabilities and increases the effectiveness of the dataset, which serves as the industry’s standard method for exchanging data associated with originating and underwriting mortgage loans, MISMO said.

The most recent version of iLAD includes a minor version update to include GSE AUS changes (Freddie Mac Loan Product Advisor v5.3.00 & Fannie Mae Desktop Underwriter v1.8.4), along with other member-requested changes, the organization said 

Updates to the new version include:

• Various added/removed AUS data points and enumerations.
• New data points to capture detail related to bankruptcy, foreclosure, and military service.

The 30-day public comment period for the dataset runs through June 8. The public comment period allows those who participated in the proposals at least 30 days’ notice prior to final release to review 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].