Participants are invited to join the working group
The mortgage industry’s transition to digital is the focus of a new working group at MISMO.
The industry’s standards organization wants to create a set of standards for business to consumer transactions on mobile devices focusing on identification, description and facilitation of consumer facing transactions in the lending life cycle.
MISMO’s new Business to Consumer Development Workgroup is seeking participants to help develop the new standards.
"As the mortgage industry pursues digital transformation, using industry-wide standards to communicate will be critical to our success," said Shelley Leonard, Chief Product Officer at Black Knight, Inc.
Without getting too technical, this will be among the first of MISMO’s initiatives to use JSON, which stands for Javascript Object Notation, which is an operating system that if frequently used on mobile devices.
Although JSON is gaining users in the mortgage industry, there are no standards for its use or for using smartphone devices in the mortgage process. This new group will plug that gap.
Collaboration for consistency across the mortgage industry
"Unless standards are developed as smart devices are deployed for mortgage transactions, adoption of these technologies could become very fragmented and lead to miscommunication between lenders and third parties,” said MISMO Executive Vice President and MBA Vice President of Industry Technology Rick Hill. “By collaborating with industry experts, MISMO hopes to bring consistency to B2C transactions and help more lenders take advantage of these exciting innovations."
If you are interested in being part of the new working group, send an email titled "Join MISMO B2C Group" to [email protected] by Friday, August 3, 2018.
