MISMO volunteers soon will begin creating a standard electronic document for the HUD-1 mortgage disclosure form based on the group’s new Version 3.1 Reference Model.
An industry standard for an e-doc version of the HUD-1 should promote automated technology for lenders, as well as title and other settlement services vendors, to create the form and ensure accuracy.
Volunteers from MISMO’s origination, e-mortgage, and title workgroups are being asked to help with the process, which includes “mapping” the document’s data fields in a way that adheres to MISMO’s Securable, Manageable, Archivable, Retrievable and Transferable, or SMART, Doc specifications. The work will also include creating sample documents in multiple file formats.
MISMO—the Mortgage Industry Standards Maintenance Organization—recently overhauled its data standards with
The HUD-1 document was revised when the changes to the Real Estate Settlement Procedures Act took effect at the beginning of 2010. Lenders provide it at closing for borrowers to compare actual settlement and closing costs against their Good Faith Estimate.
