MISMO is seeking participants for a new initiative focused on standardizing pre-closing document datasets in order to streamline the business process and improve efficiency.
Currently, the process of reviewing pre-closing title data and documents is not standardized. It differs from agent to agent, resulting in delayed document review and inefficiencies in pre-closing procedures.
MISMO said it will focus on standardizing the datasets of these nationally used pre-closing title documents: closing protection letter (ALTA), title commitment (ALTA), and requests for fee sheet. A new development workgroup (DWG) will be created to complete the work.
MISMO said the DWF deliverables will include:
- Soliciting participation, input and feedback from industry participants.
- Creating a standard dataset for each pre-closing title document.
The group will conduct regular meetings via conference call and meet in person at MISMO summits. MISMO said it expects this DWG to exist for approximately one year or until it completes its mandate.