MISMO XML Compliance Launched
|May 17, 2005|
Washington, DC – The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), has launched its MISMO eXtensible Markup Language (XML) Compliance (MXCompliance) for credit reporting. MXCompliance allows for implementers of MISMO’s Internet-based XML standards to reference requirements and take steps in becoming officially compliant, according to MISMO, as well as validate their XML. MXCompliance is necessary as the industry continues to advance while adopting MISMO standards.
“Due to the strong need for an industry-wide compliance system, MISMO has stepped up to the challenge by launching MXCompliance,” said Mike Bixby, consultant, LandAmerica and member, MISMO Board of Directors. “This is no small feat and I commend MISMO on its leadership.”
With the MBA's support and subscriber company participation, MISMO is the premiere standards development body for the real estate finance industry and its creation of this compliance service is tremendously important and essential. There are three types of MXCompliance Services: Verification, Import and Export. Verification is a service for businesses interested in purchasing Certified Products and Services from organizations that claim they are MISMO-compliant. The Verification Service ensures that vendor products and services are identical to the products that were MXCompliance certified. The Import and Export Services are used by Applicants seeking certification of their product or service interfaces against MISMO standards. The cost of MXCompliance ranges from $500 to $1,000 per transaction being certified. A suite of MXCompliance trademarks have been designed that will be licensed to those organizations that pass the compliance standards successfully. Recertification will occur annually.
MISMO has been and continues to accept specifications from other MISMO workgroups to establish minimum requirements, as MISMO plans to expand and make this service available for other transaction areas in the future. It is expected that the mortgage insurance area will be the next to debut. SMART documents and an eMortgage compliance service are anticipated by year’s end.
For further information, visit: http://mxcompliance.mismo.org/
Source: MBA / MISMO