The specifications are composed of a data dictionary and "document type definition," which is a set of rules used to build an extensible mark-up language. The definition is extendible so that other underwriting organizations can use it. Also, parts of it can be reused in other loan-origination transactions to help maintain uniformity.
"This is a significant step forward in our initiative to create transparent, open standards," says Rob Couch, CEO of New South Federal Savings Bank and chairman of the MBA Technology Steering Committee. "We look forward to working continually with mortgage companies to help them utilize and enhance the standard."
The newly adopted standards were hammered out with the help of the Mortgage Industry Standards Maintenance Organization, a group formed in January of last year to address E-commerce issues in the mortgage industry. It is made up of members of MBA, technology companies, and other industry representatives, including Freddie Mac and Fannie Mae.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
