MISMO, the real estate finance industry's standards organization, announced Tuesday that it's seeking participants for a new development workgroup (DWG) focused on creating eVault standards that foster interoperability among eVault providers.
The group will seek to develop standards that improve the current process, enhance digital mortgage scalability, and help ensure the seamless transfer of eNotes to facilitate their sale to investors, MISMO said in a news release.
The new eVault Standards DWG will collaborate with industry participants, government agencies, and other stakeholders to create a single set of standards that reduce the financial and operational costs involved in eVault transactions and streamline eVault operations, the organization said. Industry support is needed to ensure that all relevant needs are considered and to confirm that key activities are identified, addressed, and incorporated into the eVault standards, it said.
"MISMO is focused on solving the industry's toughest business challenges to help enable a fully digital mortgage process, end to end," Seth Appleton, MISMO president, said. "This new DWG is focused on tackling the labyrinth of eVault requirements, decreasing the costs associated with troubleshooting eNote transfer issues, and making the process more seamless and productive for lenders and providers. This standards work will benefit lenders as well as eVault providers by making it easier to trade eNotes and increase their liquidity."
eVault providers currently must wade through a challenging array of requirements pertaining to the generation, acceptance, transfer, and vaulting of eNotes, MISMO said. The volume and complexity of these requirements, along with the potential for inconsistencies and nuanced interpretations, can lead to interoperability issues among eVault providers, it said.
The eVault Standards DWG, which is expected to meet for approximately six months, will conduct regular meetings via conference call. The DWG lifespan may be extended as necessary to meet industry needs.
Anyone interested in participating on the eVault Standards DWG should visit this link. For information about MISMO, visit MISMO's website.
MISMO, the Mortgage Industry Standards Organization, is a not-for-profit, wholly-owned subsidiary of the Mortgage Bankers Association.
