Magazine article Mortgage Banking

MISMO, PRIA Formalize Alliance

Magazine article Mortgage Banking

MISMO, PRIA Formalize Alliance

Article excerpt

MISMO[R], the non-profit subsidiary of the Mortgage Bankers Association (MBA) and the Property Records Industry Association (PRIA), Durham, North Carolina, have established an alliance that will enable seamless "plug and play" between MISMO and PRIA standards, resulting in streamlining the recordation process and the creation of more efficient accessibility to public property records via electronic means.

The alliance, which was announced during PRIA's Washington, D.C., Winter Conference in March, will benefit the entire real estate finance industry, public land record officials and ultimately consumers, according to Mark Monacelli, president of PRIA.

"PRIA is leveraging its relationship with MISMO by using MISMO's infrastructure of closing standards, plugging into that infrastructure PRIA's recording standard, while continuing to maintain the integrity of the country's public land record system," said Monacelli.

The MISMO/PRIA alliance is an important part of implementation of a recent resolution adopted by MBA's board of directors, which endorsed the adoption by the industry of residential and commercial electronic mortgages (eMortgages), noted Doug Duncan, president of MISMO, as well as MBA's chief economist and senior vice president of research and business development. …

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