Magazine article Mortgage Banking

Digital Diplomacy

Magazine article Mortgage Banking

Digital Diplomacy

Article excerpt

Quietly, in Washington, D.C., conversations are happening that many believe will pave the way for a better mortgage market. And by "better," we mean as simple, streamlined and paperless as possible. Much of the discussion comes down to technology.

Many of these conversations are occurring between the main regulator of the mortgage business going forward (the Consumer Financial Protection Bureau) and representatives of the industry's technology sector. A key player in all this shuttle diplomacy is MISMO--the mortgage industry's data standards arm.

With the CFPB's mission centered on giving the consumer better tools to understand and compare financial products--data and disclosures become central to achieving those goals. This means that a common definition of all the data that needs to be disclosed on various required mortgage forms becomes paramount.

That is also why we see MISMO as a central player in making sure the CFPB's new disclosure documents are wired for the new mortgage market. The data the consumer needs to compare mortgage products and providers should not be locked into proscribed multi-page, dryly written, paper documents. …

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