PRIA, MISMO Form 'Landmark' Alliance

The Property Records Industry Association and the Mortgage Industry Standards Maintenance Organization have announced what they termed a "landmark alliance" that creates a seamless "plug and play" between PRIA and MISMO standards to streamline the property recordation process.PRIA president Mark Monacelli said the alliance marries his organization's recording standard with MISMO's closing standards. MISMO president Doug Duncan, chief economist of the Mortgage Bankers Association, said "systemic changes" in the capital markets increase the need for efficient data interchange. "This alliance with PRIA spans both the commercial and residential industries and will provide both sectors with the framework for the efficient electronic delivery of public property records," Mr. Duncan said. MISMO, which was created by the MBA in 1999, is the standards development body for the real estate finance industry. PRIA and MISMO can be found online at http://www.pria.us and http://www.mismo.org.