Written by Patricia Skinner
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The Mortgage Industry Standards Maintenance Organization, MISMO for short, is a forum committed to developing, promoting and maintaining voluntary electronic commerce standards for the mortgage industry. The organization was established in 1999 by the Mortgage Bankers Association of America, and encourages participation from all sectors of the industry.

Mismo's Guidelines

Release 1.0 of Mismo's guidelines, recommendations, and technical specifications for implementing Electronic Mortgages became available in January 2003, and can be downloaded from their website. The release provides a framework of guidelines and a number of specifications and supporting documents for the provision of paperless mortgages with electronic signatures.

Mismo Concepts

The framework is arranged around the concepts of a securable, manageable, archiveable and retrievable (SMART) document that combines the attributes of data, presentation and signature or signatures into a single electronic file. Specifications and guidelines are also included with it for the packaging of multiple documents. The framework is based on XML request/response architecture.

Mismo is providing a vital channel towards open standards in today's rapidly changing marketplace to simplify the technology integration process between all the mortgage industry participants. It is an important step for emortgages, and it is hoped that it will create a streamlined workflow among lenders, services providers and others in the industry. Interconnecting capabilities that eliminate the re-keying of information by numerous parties and increases the integrity of mortgage data is a very important breakthrough.

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