MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), and the Property Records Industry Association (PRIA) have published the IPR (Intellectual Property Rights) Disclosure Draft of a Business Requirements Document.
This draft addresses and describes the business requirements for the eRecording of electronic recordable instruments in common electronic document formats such as MISMO SMART Doc, eSigned PDF and Adobe Intelligent Document Format, and Microsoft Word with embedded XML.
Titled eRecording Electronic Document Formatted Recordable Instruments, the document also includes business function descriptions, a process flow diagram and project assumptions, constraints and dependencies, MISMO and PRIA add. The 30-day IPR Disclosure draft is published in accordance with MISMO and PRIA IPR policies to allow for industry comment and disclosure prior to publishing Version 1.0 Final.
This is the first joint publication of the two organizations since forming an alliance in November 2005. According to the organizations, the goal of the alliance is to exchange and incorporate MISMO and PRIA standards for use within commercial and residential electronic mortgage transactions.
The joint MISMO-PRIA document can be downloaded at www.mismo.org/SpecificationsAndGuidance/eMortgageSpecificatons.htm or www.pria.us/Papers/licensedpapers/dtd.htm