MISMO Seeks Participants to Standardize Pre-Closing Title Data
November 23, 2021
MISMO is seeking participants for a new initiative focused on standardizing pre-closing title document datasets in order to streamline the business process and improve efficiency.
The process of reviewing data and documents is not standardized and differs from agent to agent. This can result in delayed document review and inefficiencies in pre-close procedures.
MISMO will focus on standardizing the datasets of nationally used pre-closing title documents including the closing protection letter, title commitment and request for fee sheet. A new development workgroup (DWG) will be created to complete the work.
The DWG deliverables will include:
- Soliciting participation, input and feedback from industry participants
- Creating a standard dataset for each pre-close title document
The Title Pre-Closing Docs DWG will conduct regular meetings via conference call and will meet in person at MISMO Summits. This DWG is expected to exist for approximately one year or until it completes its mandate.
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