I would urge the AG’s investigating MERS to turn to MISMO next because it’s beginning to appear they are taking crucial parts away from MERS. Something is definitely up?
But why? On July 30, 2010 MBA went before the SEC begging them to adopt MERS:
The major participants in the residential mortgage industry utilize the MIN. Fannie Mae, Freddie Mac and Ginnie Mae all utilize the MIN. MISMO encourages the SEC to adopt the MERS Mortgage Identification Number (MIN) as the primary loan identifier for real estate finance ABS.
“Today, most of the aforementioned parties are shipping the documents at great cost through carriers such as Federal Express. With VLF, all such shipping and the manual handling of the traditional loan folder is eliminated. In fact, all the paper in the process is gone. Yes, this is a form of imaging that some mortgage companies are using today. However, it goes much further, in that it would be used by all parties involved with each loan. In addition, it would also store the electronic data file of the loan and do so in a Mortgage Industry Standards Maintenance Organization Inc . (MISMO) format.”
VIA HW-
The Mortgage Bankers Association is going to take back management of its MISMO platform from MERS, according to a HousingWire source familiar with the plans.
The crossover will be complete Dec. 1 and a press release providing more details is said to be in the works.
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