MISMO® (Mortgage Industry Standards Maintenance Organization), the standards development body for the mortgage industry, creates standards for many aspects of mortgage financing which are used by participants across the industry. Compliance experts from Asurity Technologies, LLC will be joining forces with other mortgage regulation leaders to create a standard dataset for Regulatory Compliance.

It’s tough to overstate the importance and value of standards that are applied throughout the industry. Implementation of MISMO standards has led to lower costs, greater efficiency of information sharing, faster loan closings, and importantly, an improved consumer experience.

In the regulatory compliance sphere consistent standards have meant better adherence to regulations and guidelines from both government regulators and industry partners, less time and money spent on compliant practices, and more efficient internal and external audits. Ultimately, this has resulted in a reduction in fraud, further decreased costs, and improved consumer confidence in mortgage financing.

The work in this phase of standards development in which Asurity Technologies, LLC is participating will focus on in part:

• Creation of a standard dataset and delivery file format for the Regulatory Compliance Exam File;
• Analysis of the existing Lending Examination format and various MISMO work products;
• Soliciting participation, input, and feedback from industry participants.

The widespread adoption of MISMO standards is one key to its success. The collaborative process of developing the standards includes bringing together experts from organizations throughout the industry, such as retail and wholesale lenders, GSEs, software and service providers, credit reporting agencies, and more. 

Asurity leaders are in a unique position to provide insight into this standards development process. As developers of RegCheck, a best-in-class mortgage loan compliance solution, they have experience in applying technology and innovation to improve efficiency in compliance testing. They understand the benefits of speed and accuracy and the need to eliminate compliance failures at each stage of the lending process. 
In a rapidly evolving industry mortgage standards must be continually adapted to serve all partners and consumers well. The Asurity team is looking forward to working with other professionals to move regulatory compliance standards forward.