MISMO, the real estate finance industry’s standards organization, has published the new eVault Standards and SMART Doc Validation Rules documents, which were created to help provide clarity and increase eVault interoperability for all parties in the transaction.
The MISMO eVault standards were designed to ensure that eVaults have the proper functionality for all industry participants. eVaults using the standards, including the validation rules, ensure seamless interoperability for lenders trading eNotes.
The standards contain guidance for the minimum technical standards by which an electronic vault should be built. The SMART Doc Validation Rules document is a consolidated set of rules that outlines the components and fields that are expected in an eNote. Uniformity of eVault platforms and eNote Validation Rules are necessary to alleviate friction between trading partners.
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