Workgroup will map data points in the closing instructions template to the MISMO reference model
MISMO is calling for mortgage professionals to participate in a working group focused on enabling the digitization of closing instructions.
The mortgage industry's standards organization has invited industry experts to join its Closing Instructions Development Workgroup, which will tackle the previously released Master and Transactional Closing Instructions templates.
These new standards aim to make the closing process more efficient through reduced fee refunds, lower operational overhead, reduced compliance, loan salability risk, and improved consumer experience.
For the next phase, the group will work on mapping the data points in the templates to the MISMO reference model. The organization said that this would allow lenders, settlement service providers, loan origination systems, and document vendors, to exchange information "seamlessly and reliably" between systems.
Those interested can attend the kickoff developmental workgroup session on Sept. 2 at 1:30 pm ET at the MISMO Virtual Fall Summit.
