Editor’s Note: MISMO Looks To Create eVault Standards
MISMO, the real estate finance industry’s standards organization, issued a call for participants for a new development workgroup (DWG) focused on creating eVault standards that foster interoperability among eVault providers. The group aims to develop standards that improve the current process, enhance digital mortgage scalability and help ensure the seamless transfer of eNotes to facilitate their sale to investors.
The new eVault Standards DWG will collaborate with industry participants, government agencies, and other stakeholders to create a single set of standards that reduce the financial and operational costs involved in eVault transactions and streamline eVault operations. Industry support is needed to ensure that all relevant needs are considered and to confirm that key activities are identified, addressed, and incorporated into the eVault standards.
“MISMO is focused on solving the industry’s toughest business challenges to help enable a fully digital mortgage process, end to end,” said Seth Appleton, President, MISMO. “This new DWG is focused on tackling the labyrinth of eVault requirements, decreasing the costs associated with troubleshooting eNote transfer issues and making the process more seamless and productive for lenders and providers. This standards work will benefit lenders as well as eVault providers by making it easier to trade eNotes and increase their liquidity.”
eVault providers must currently wade through a challenging array of requirements pertaining to the generation, acceptance, transfer, and vaulting of eNotes. The volume and complexity of these requirements along with the potential for consistencies and nuanced interpretations can lead to interoperability issues among eVault providers.
The eVault Standards DWG, which is expected to meet for approximately six months, will conduct regular meetings via conference call. The DWG lifespan may be extended as necessary to meet industry needs.
Interested eVault Standards DWG participants should visit this link.
Tony Garritano is the founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 20 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting PROGRESS in Lending Association was the next step for someone like Tony, who has dedicated his entire career to providing mortgage executives with the information that they need to make informed technology decisions to help their businesses succeed.
