MISMO issued a request for participates of a new development work group focused on creating eVault standards that foster interoperability among eVault providers. The group aims to create standards that will enhance the current process, improve digital mortgage scalability, and help ensure the seamless transfer of eNotes to facilitate their sale to investors.
eVault providers currently must work through an array of requirements pertaining to the generation, acceptance, transfer, and vaulting of eNotes. The volume and complexity of these requirements can lead to interoperability problems among eVault providers.
This new work group will be tasked with collaborating with industry participants, government agencies, and other stakeholders to develop a single set of standards that reduce financial and operational costs of eVault transactions, as well as streamline eVault operations. MISMO is seeking industry participants to ensure all relevant needs are considered and to assure key activities are identified, addressed, and incorporated into the eVault standards.
“MISMO is focused on solving the industry’s toughest business challenges to help enable a fully digital mortgage process, end to end,” MISMO President Seth Appleton said. “This new DWG is focused on tackling the labyrinth of eVault requirements, decreasing the costs associated with troubleshooting eNote transfer issues and making the process more seamless and productive for lenders and providers. This standards work will benefit lenders as well as eVault providers by making it easier to trade eNotes and increase their liquidity.”