The first three companies from the credit-reporting sector have completed the compliance certification process with the Mortgage Industry Standards Maintenance Organization, known as MISMO, the subsidiary said today.
Bixby Consulting, Fair Isaac Corp. and Gallagher Financial Systems have completed the compliance certification process, according to MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association. MISMO develops data transfer and file specifications for residential and commercial real estate transactions.
Currently, MISMO offers a variety of products and services to develop voluntary electronic commerce standards for the mortgage industry. MISMO coordinates the development and maintenance of Internet-based Extensible Markup Language (XML) real estate finance specifications and electronic mortgage guidelines.
The MISMO eXtensible Markup Language (XML) Compliance (MXCompliance) for credit reporting launched a few months ago, the group said.
MXCompliance allows for users of MISMO’s Internet-based XML standards to reference requirements and take steps in becoming officially compliant, according to MISMO, as well as validate their XML. MXCompliance is necessary as the industry continues to advance while adopting MISMO standards.
“The MISMO brand has become widely recognized as offering efficiencies through standards development and innovation,” said Ed Godycki, chief technology officer and managing director, Countrywide Financial Corporation and chair of the MISMO board of directors, in a statement.
In order to ensure that developers, purchasers and investors can rely on a company displaying the MISMO brand, the MISMO board of directors approved the launch of MXCompliance, according to Godycki.
There are three types of MXCompliance Services: Verification, Import and Export, according to MISMO.
Verification is a service for businesses interested in purchasing Certified Products and Services from organizations that are certified as MISMO-compliant. For a nominal fee, the Verification Service ensures that vendor products and services have maintained compliance with the products that were MXCompliance certified.
The Import and Export Services are used by Applicants seeking certification of their product or service interfaces against MISMO standards. The cost of MXCompliance is based on the transaction being certified. A suite of MXCompliance trademarks have been designed that will be licensed to those organizations that pass the compliance standards successfully. Recertification will occur annually, according to MISMO.
MISMO has been and continues to accept specifications from other MISMO workgroups to establish minimum requirements, as MISMO plans to expand and make this service available for other transaction areas in the future.
The mortgage insurance area is the most recent to submit its specifications, MISMO said, with additional MISMO process areas are anticipated by year’s end.
Send tips or a Letter to the Editor to firstname.lastname@example.org or call (510) 658-9252, ext. 140.