The Title Abstract Standards Initiative (TASI), a sub-committee of the ALTA® Technology Committee, is working to create a fully integrateable, electronic abstract. This “smart document” will allow you to seamlessly share base title data with any party in a real estate transaction without forcing any group to adopt a standardized form.
The first step is to agree on the data elements to be included in the standard. The second step will be creation of a Title Abstract Data Standard (TADS), an open-architecture, industry-accepted format for base level information from which all title products derive. The third step will be integration of TADS into MISMO for approval and maintenance.
TASI, like most data standards initiatives, is working to eliminate the inefficiencies and error-prone nature of re-keying data. This initiative will also result in a data standard enabling title technology vendors to help you communicate quickly with your customers and consumers, using today's application and communication technology to improve customer service and efficiency.
TADS will allow the title industry to speak the same language since the standard is created by and for the industry, providing many benefits:
The TASI group needs your help to make sure that all the data elements you need are included in the list. Please take a few moments to browse the list of data elements, or Logical Data Dictionary (LDD), to see if something is missing. Each data element has been assigned a preliminary name and definition. We need your help to complete the list by late summer of 2004. The data elements are currently divided into “building blocks” of related information. The final version of these “building blocks” and the data elements they contain will allow you to communicate and exchange standard data and information.