MISMO Publishes New E-Vault Standards and SMART Doc Validation Rules Documents


MISMO, the real estate finance industry’s standards organization, has published new e-vault standards and SMART Doc validation rules documents, which were created to help provide clarity and increase e-vault interoperability for all parties in a mortgage transaction.

The MISMO e-vault standards were designed to ensure that e-vaults have the proper functionality for all industry participants. E-vaults using the standards, including the validation rules, ensure seamless interoperability for lenders trading e-notes, MISMO says in a release.

The standards contain guidance for the minimum technical standards by which an electronic vault should be built. The SMART Doc Validation Rules document is a consolidated set of rules that outlines the components and fields that are expected in an e-note. Uniformity of e-vault platforms and e-note validation rules are necessary to alleviate friction between trading partners.

Earlier this month, MISMO announced the publication of the new MISMO Engineering Guideline (MEG) for Extending a Standard MISMO XML Schema (MEG 0025). 

“The MISMO MEGs ensure that work products adhere to all applicable technology standards, are produced in a consistent fashion, and meet the needs of the mortgage industry,” says David Coleman, president of MISMO.

MEG 0025 provides guidance on how to extend the MISMO Version 3.x XML schema – providing an orderly way of enabling a message to hold additional data needed for mortgage processing that is not included in a specific MISMO XML schema version.

The goals of the MISMO Extension Model are as follows:

  • Allow any container element to be extended (added on to);
  • Identify and separate MISMO data and extended data;
  • Allow extensions from multiple organizations to coexist in a single XML instance including within the same container;
  • Allow simultaneous schema validation of MISMO and OTHER content, and
  • Additional details are provided in the MEG for handling EXTENSION containers and attributes.

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