MISMO, the mortgage industry's standards organization, has rolled out an updated Industry Loan Application Dataset (iLAD), which is now available for use.
After being thoroughly reviewed by various organizations and industry participants, MISMO has updated iLAD, a modernized dataset for exchanging loan-application data, to "candidate recommendation" status. MISMO said that it had issued the new specifications to give companies time to evaluate how and when to adopt iLAD.
"MISMO continues to deliver for the industry by digitizing processes and finding better ways to serve consumers," MISMO President Mike Fratantoni said. "iLAD will allow for seamless exchanges of loan-application data and will provide a better experience for all industry participants."
The update includes 15 changes to the iLAD specification, such as the Uniform Residential Loan Application (URLA) dataset, Version 1.8; Desktop Underwriter AUS Request dataset, Version 1.8.1; and Loan Product Advisor AUS Request dataset, Version 5.0.06.