MISMO, the real estate finance industry’s standards organization, is calling for industry professionals to join a new development workgroup (DWG) focused on creating a MISMO-published Title Pricing Application Programming Interface (API) specification.
MISMO’s new specification will enable real-time pricing decisions for title and settlement agents and will improve efficiency, interoperability, and clarity for mortgage originators. Furthermore, all parties involved in a transaction will benefit from receiving data in a consistent manner. The Title Pricing API specification will include guidance that will allow title providers and title vendors to use microservices during the pre- and post-closing phase to trade data and documents necessary to obtain pricing for title products, including requests and responses for:
- Closing/Escrow Transaction Fees
- Commitment Fees
- Endorsement Fees
- Title Policy Premium
- Closing Protection Letter Fees
- Recording Fees and Taxes
“We are calling on the industry to get involved in this development process to ensure that all relevant needs are considered and to confirm that key activities are identified, addressed, and incorporated into the Title Pricing API specification discovery and preliminary plan,” said David Coleman, President of MISMO.
The new Title Pricing API DWG will initially focus on a discovery phase, in which the group will identify and recruit key industry participants; understand and outline use cases that will influence the design of the Title Pricing API requests and responses; invest in a deep understanding of the value of the product to the industry; and establish a preliminary roadmap for delivering a Title Pricing API MISMO specification.
The Title Pricing API DWG will conduct regular meetings via conference call. Upon completion of the discovery phase, a subsequent phase will be established for the Title Pricing API DWG to begin working on the API specification.
Individuals interested in participating in this group who are already MISMO members may join the collaboration site that has been established on MISMO connect. Those not already members of MISMO who would like to participate should contact [email protected].
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