The Mortgage Industry Standards Maintenance Organization announced an alliance agreement with the National Reverse Mortgage Lenders Association to collaborate on the development of technology standards for the exchange of information about reverse mortgages.
“The NRMLA Board, membership and staff are excited about this partnership and the possibilities it brings to both organizations, by extending our strategic relationships into the technology sector,” said Robert Sivori, Co-Chair, NRMLA Technology Committee. “Our Technology Committee has built a solid foundation for understanding reverse mortgage data that will take advantage of the cost savings offered through automation and bring clarity to the processing of reverse mortgages.”
Managed by MERSCORP, MISMO is a wholly owned subsidiary of the Mortgage Bankers Association which is the leading technology standards development body for the residential and commercial real estate finance industries.
“An alliance agreement between the two parties leverages the technological and organizational capabilities of MISMO to establish standards for electronic delivery, while leveraging the business expertise of NRMLA participants to enhance the MISMO Standards by adding reverse mortgage data to all points of the mortgage lifecycle, including loan origination, post closing, loan delivery to secondary and servicing systems,” said Harry Gardner, chair of the MISMO Residential Governance Committee.
“This partnership will enhance MISMO’s mission and benefit both consumers and the real estate finance industry as a whole.”