A MISMO-developed dataset
mapping standard, designed to facilitate innovations underway at the Veterans
Administration (VA), recently became available for use across the real estate
finance industry, according to a recent announcement by the Mortgage Industry
Standards Maintenance Organization.
The dataset is intended to
provide an industry standard for exchanging information required on the
official VA Verification of Benefits form (Form 26-8937). The organization
believes this standard will create efficiency and make information more widely
accessible within the VA system.
The VA has indicated on
its website it is in the process of “transforming the VA home loan
lifecycle to eliminate manual data entry, improve data integrity, and
streamline the process,”
The agency further explains, “This
large-scale undertaking is a years-long effort that includes an end-to-end
Application Programming Interface (API) ecosystem to introduce LGY technology
dataset standards such as Uniform Loan Application Dataset (ULAD), Uniform
Appraisal Dataset (UAD), Uniform Closing Dataset (UCD), and Uniform Loan
Delivery Dataset (ULDD) that align with the lending community and other federal
agencies.”
The VA has indicated it will
take a “phased approach in deploying the various APIs to realize its full
transformation strategy.”
Production on the Loan Review
API began in January, followed by Pre-Close API beta version testing
availability as of September 2023, with subsequent releases of the Pre-Close
API to cover multiple borrower purchase loans, Interest Rate Reduction Refinancing
Loans (IRRRLs), and Cash-out Refinance loans. Other APIs will be released over
the next couple of years.
MISMO said the new dataset
mapping standard has achieved “Candidate Recommendation” status, meaning was
thoroughly reviewed by a sufficiently diverse and wide-reaching group of organizations
and industry participants to become universally available to relevant parties. The
organization is seeking further comments on the dataset from both members and
non-members, who can access further information on the organization’s website.