DocMagic Implements MISMO Version 3.3

Posted by Patrick Barnard on February 12, 2015 No Comments
Categories : Residential Mortgage

DocMagic Inc., a provider of electronic document technology to the mortgage industry, reports that its entire solution set now adheres to version 3.3 of the Mortgage Industry Standards Maintenance Organization (MISMO) Reference Model.

The company says it is the first document preparation software vendor to implement MISMO version 3.3.

The new version establishes a common dataset that is essentially a prerequisite for lenders to use the Consumer Financial Protection Bureau's (CFPB) new integrated disclosures, as well as to share information about the disclosures with industry partners.

The CFPB's integrated disclosures will replace the current Good Faith Estimate HUD-1 Settlement Statement and Truth in Lending disclosures for most residential mortgage loans as of Aug. 1. Successful compliance with this rule depends on use of the latest version of the data standard.

‘Our early implementation of MISMO version 3.3 is significant because it is yet another step that we are taking to proactively prepare for the CFPB's new integrated disclosure rule, as well as industry innovation involving the disclosures,’ says Dominic Iannitti, president and CEO of DocMagic, in a release. ‘Any software provider that is involved in loan closings or data exchange must update their respective systems to implement the new dataset in order to effectively support their partners and lender clients. Those organizations that wait will likely not be ready to meet the CFPB's deadline and as a result will encounter serious compliance issues.’

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