MISMO, the real estate finance industry’s standards organization, has issued a request for public comment on its new mortgage insurance estimated rate quote guide. The implementation guide specification will help facilitate obtaining estimate mortgage insurance (MI) rate quotes in the JavaScript Object Notation (JSON) API format.
“MISMO is bringing more value, better and faster, to the industry and this API specification is part of our efforts to deliver standards to meet key business challenges,” MISMO President Seth Appleton said in a release. “The API specification builds off our previous JSON work and will enable organizations to obtain MI rate quotes quickly and efficiently.”
According to the organization, the MISMO MI Rate Quote API specification will help trading partners facilitate rapid development of new rate quote processes across the real estate finance industry. It builds upon MISMO’s JSON initiative to develop standards for industry transactions for structuring lightweight data exchanges through APIs and mobile platforms.
The specification is designed to provide lenders with the MI rate quote before submitting an MI order and created for organizations that would like to utilize a more lightweight API transaction than the existing XML estimated rate quote.
Comments are due on or before Dec. 20, 2021.