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MBA ANNOUNCES NEW INTERNET DATA STANDARDS ORGANIZATION
|To:||Editors And Reporters|
|Source:||Mortgage Bankers Association of America|
(617) 954-2982 (in Boston)
MBA Announces New Internet Data Standards
BOSTON, MA—During a press conference at its 86th annual convention, the Mortgage Bankers Association of America (MBA) today announced it would take an active role in the maintenance and administration of mortgage industry data standards through its new Internet data standards organization Mortgage Industry Data Standards Maintenance Organization (MISMO). MISMO aims to ensure that the standards development process is open and democratic, responsive to business needs of the users, and designed to include and support the entire industry.
Driven by the MBA’s Technology Committee’s XML Workgroup, the announcement demonstrates MBA’s commitment to the development and implementation of Extensible Markup Language (XML) for the mortgage industry. Past MBA Workgroups with similar structure and objectives have exhibited proven results. Since 1991, over 20 mortgage industry specific X12 transaction sets have been developed and approved by MBA Workgroups. Most are still actively supported, including all HUD claims and notifications, as well as activities by major credit reporting agencies, mortgage insurance companies, and major appraisal software vendors.
The development of XML-based standards started in early 1998 when the MBA Emerging Technologies Workgroup began exploring XML as an additional standard which could easily integrate with existing X12 infrastructure while providing a means for standards compliance for new systems more suitable to XML. In May 1999, a separate XML Workgroup formed to develop a pilot XML standard, which is to be submitted for review at the 86th Annual Convention.
"The XML Workgroup was established as a non-exclusive, democratic entity, and to date, the structure has enabled solid momentum," said David Williams, MBA’s Assistant
Director, Industry Technology. "The MBA recognizes that in order for Industry-wide standard adoption to occur, it is imperative for the development process to be open to everyone so the end result is embraced and supported across the entire industry."
"Fannie Mae is pleased to be a member of the MBA XML Workgroup," said Tim Ryan, Vice President, Technology at Fannie Mae. "Universally accepted and adopted standards will not only serve the needs of individual players, but also advance the mortgage industry as a whole."
"Freddie Mac has participated in standards development for the industry for many years," said David Barkley, Director Industry Support, Freddie Mac. "XML expands the reach of electronic business to applications beyond traditional Electronic Data Interchange. The dynamic nature of the Web-based specifications highlights the need for a proactive industry organization to ensure their long-term usability."
For information on participating in the MBA XML Workgroup, please contact David Williams at 202-861-6529 orDavid_Willams@mbaa.org.
MBA is the national association representing exclusively the real estate finance industry. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership prospects through increased affordability; and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications. Its membership of approximately 3,100 companies includes all elements of real estate finance: mortgage banking companies, mortgage brokers, commercial banks, thrifts, life insurance companies and others in the mortgage lending field.
© 1999 Mortgage Bankers Association of America. All