Monday, September 26, 2005

MXCompliance: First firms certified for MISMO

I think this is huge. MISMO itself is a great initiative and really makes the mortgage industry look good. So many companies working for so long on standards that are guaranteed to make the entire business work more smoothly. But compliance was always a problem. Not so much getting companies that wanted to comply, but getting them to actually do so before they said they were.

Enter MXCompliance. Think of it as a necessary evil, one more layer of bureaucracy without which no one would really know who had what until they spent the money to invest and test. And then, of course, it would be too late.

It's taken over a year to get the first companies certified. Appropriately enough, they are credit information firms. Credit was the first part of the mortgage business to get its MISMO standards worked out.

Congratulations to Bixby Consulting, Fair Isaac Corporation and Gallagher Financial Systems Inc.

What's not in the release: Some firms in this space have just redoubled their development efforts. It is no longer good enough to market what you intend to build. Now, lenders can turn to MXCompliance to find out whether a MISMO-Compliant offering is really what it claims to be.

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