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Over the last several years, the Mortgage Industry Standards Maintenance Organization (MISMO) has been driving the mortgage industry to utilize the MISMO XML versions and data standards they have created.
The MISMO file allows Lenders to achieve a secure, efficient, cost effective way to exchange mortgage data with NJHMFA.
MISMO standards improve the quality and accuracy of the data exchanged by providing a common set of terms and definitions. Additionally, participating Lenders may receive faster underwriting approval and purchase with NJHMFA if they submit with an updated FNMA DU 3.2 file, MISMO XML 3.0 file or MISMO XML 3.4 file. The reduced need for data entry expedites the NJHMFA review process, and the greater amount of current, accurate data tends to result in fewer loan conditions that need to be cleared by the Lender.
Lenders may submit an XML file at the time of registration, however, it is
important to resubmit an updated version of the file prior to submitting the loan to Underwriting. This ensures that updated data from the time of the Lender’s underwriting review process is passed to NJHMFA, thereby minimizing data questions between the lender and NJHMFA.
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