Friday, March 17, 2006

Standards: PRIA and MISMO working together

You may have seen the little note buried in a roundup in this week's issue of National Mortgage News about The Property Records industry Association and the Mortgage Industry Standards Maintenance Organization announcing an alliance. This is big news.

Not surprising, necessarily, but very important. I've reported on MISMO for years and I met the PRIA folks when I was editing Real Estate Technology Insight. They are both doing important work, but in order to ever get the entire mortgage process electronic, their work has to fit together like puzzle pieces. This alliance, it appears, will ensure that.

In the real estate business, the deal isn't really done until the documents are recorded into the public record. Having all of the information in a standardized data format from the beginning all the way to the electronic recording of the docs is the ultimate goal -- the only goal that will truly enable all-electronic mortgages in the future. While the results of this alliance may never be felt in my own country (Carbon County, PA, Pop. <60,000), it will make things better in the nation's top 300 or so counties, which is where the vast majority of mortgages are written.