The Mortgage Industry Standards Maintenance Organization (MISMO) is looking for mortgage industry professionals to provide input for a new workgroup that will focus on ensuring that digital loan documents and associated data are consistent, reliable and unaltered.
This effort will be conducted by the MISMO Version 3 Verifiable Profile SMART Doc Development Workgroup.
“The new version 3 SMART Doc specification will accelerate digital transformation efforts and enable organizations to further automate document and other compliance processes” Charlie Epperson, chief information officer of MRN3, said. “MISMO provides a tremendous forum for mortgage industry collaboration and innovation through which we can enhance the standards and bring these capabilities to the industry.”
Historically, the exchange of documents and data between organizations has led to some inconsistencies in the data. This has led to distrust of the exchanged data, which requires individuals who manually compare documents and data.
Thus, MISMO is looking to create a technical framework and implementation guidance that facilitates automated validation that the data and related documents are consistent and have not been modified.
The workgroup will develop requirements for document security and integrity, provide implementation guidance, develop sample documents and use cases, and other measures to improve trust in the data.