MISMO Launches Enhanced Closing Instruction Templates And XML Mapping Specification
MISMO, the real estate finance industry’s standards organization, published a new set of enhanced work products designed to create a standardized exchange for closing instructions information. The Master and Transactional Closing Instruction templates and XML mapping specification have reached “Candidate Recommendation” status, which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and are available for use across the industry.
“MISMO’s Master & Transactional Closing Instruction templates create a consistent format for closing instructions and are designed to enhance communication between lenders and settlement agents, thereby reducing closing errors,” said David Coleman, President of MISMO. The templates, and corresponding information exchange, focus on the format and organization of closing instructions – rather than legal language often included in instructions – to create a better and more seamless experience for all parties.
The recent revisions to the templates and supporting iGuide, created by the Closing Instructions Development Workgroup (DWG), include:
- Clarified field label names to align with industry standard terms;
- Additional fields to capture data requested by the industry; and
- Enhancements to the fields related to eClosings based on industry adoption
In addition to the revised templates and iGuide, the Closing Instructions DWG created a dataset to accompany the Transactional Closing Instructions. The MISMO Transactional Closing Instruction Template XML Mapping Specification is intended to serve as a guide for implementers in defining data requirements, for a specific integration, to exchange data based on the format of the MISMO Transactional Closing Instructions and the MISMO v3.6 reference model.
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