MISMO, the real estate finance industry’s standards organization, is seeking participants for a new initiative focused on standardizing pre-closing title document datasets in order to streamline the business process and improve efficiency.
Currently, there is no standardized process for reviewing pre-closing title data and documents. It differs from agent to agent, resulting in delayed document review and inefficiencies in pre-close procedures, MISMO says in a release.
MISMO will focus on standardizing the datasets of these nationally-used pre-closing title documents: the Closing Protection Letter (ALTA), Title Commitment (ALTA) and Request for Fee Sheet.
A new development workgroup (DWG) will be created to complete the work.
The DWG deliverables will include the following:
- Soliciting participation, input and feedback from industry participants; and
- Creating a standard dataset for each pre-close title document.
The Title Pre-Closing Docs DWG will conduct regular meetings via conference call and will meet in person at MISMO Summits.
This DWG is expected to exist for approximately one year or until it completes its mandate.
Interested participants should visit this link for more information.
Photo: Sangga Rima Roman Selia