The updated dataset lets member exchange information included in the new AUS
MISMO, the mortgage industry’s standards organization, has announced the launch of a new Industry Loan Application Dataset (iLAD), which will let members swap information included in Fannie Mae and Freddie Mac’s Uniform Residential Loan Application (URLA).
In addition, the dataset is also included in the government-sponsored enterprises’ new automated underwriting system (AUS) interfaces and the existing Fannie Mae 3.2 file.
The organization said it expected iLAD to replace the several peer-to-peer data exchanges that currently use the Fannie Mae 3.2 file as a de facto data exchange standard.
With the new URLA and AUS delivery specifications for Fannie and Freddie, the outdated Fannie Mae 3.2 file will no longer meet MISMO’s requirements for peer-to-peer data exchanges between industry partners. Fannie Mae has announced that it will not accept 3.2 file submissions after the legacy AUS formats are pulled out.
"It's imperative that we have a standard process to allow the seamless exchange of loan application data between all industry partners," said Rick Hill, executive vice president of MISMO and vice president of technology at MBA. "Standardized data exchanges developed in a consensus manner are a prerequisite for the industry for it to continue to successfully digitize its processes, find new ways to serve consumers, and drive down costs."
MISMO will release the dataset for a 60-day comment period, which will stay open until Nov. 3, for its members.
"The collaboration exhibited by the industry to develop iLAD has been truly amazing," said Lynn Calahan, co-chair of the Loan Application Data Exchange Workgroup, and vice president of financial reform-data strategies at Wells Fargo Home Mortgage. "We had deep involvement from lenders, LOS providers, the mortgage insurance industry, and Fannie Mae and Freddie Mac. Developing and issuing iLAD in such an expeditious manner demonstrates the collaborative benefit of working within MISMO to solve critical industry issues.”
