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The Mortgage Industry Standards Maintenance Organization (MISMO) has announced it is seeking participants for an initiative focused on standardizing pre-closing title document datasets in order to streamline the business process and improve efficiency.
The current process for reviewing pre-closing title data and documents is not standardized, the organization said. In fact, MISMO said, it differs from agent to agent, resulting in delayed document review and inefficiencies in pre-close procedures.
MISMO said a new development workgroup will be created to focus on standardizing the datasets of these nationally used pre-closing title documents:
- Closing Protection Letter (ALTA),
- Title Commitment (ALTA), and
- Request for Fee Sheet.
The workgroup’s deliverables will include soliciting participation, input, and feedback from industry participants and creating a standard dataset for each pre-close title document. In addition, the workgroup will develop supporting documentation to provide guidance in the use of these data standards.
The Title Pre-Closing Docs development workgroup will conduct regular meetings via conference call and will meet in person at MISMO Summits, the organization said. This workgroup is expected to exist for about one year or until it completes its mandate. Regular meetings will be held via Zoom on the second Monday of each month from 1-2 p.m.
If you are already a MISMO member you may join the collaborate site that has been established on MISMO Connect. If you are not a member of MISMO but would like to participate, send an email to [email protected] For information on how to become a MISMO member, click here.
Workgroup participants do not have to be members of MISMO to participate, but only MISMO members will be allowed to vote.