The management of industry technology standards is changing hands as more widespread adoption of the standards is sought.
Management of the Mortgage Industry Standards Maintenance Organization Inc. is being transferred to the Mortgage Bankers Association from Mortgage Electronic Registration Systems Inc., the organizations jointly announced Friday.
The transfer is slated to take place on Dec. 1.
The news release said MISMO was successfully managed by MERSCORP during an important technological period for MISMO.
“With the successful launch of the MISMO 3.0 reference model, MISMO can now shift to focus efforts on regulatory implementation and advocating for broader adoption throughout the industry,” MBS President and Chief Executive Officer David H. Steven said in the statement. “The MBA and MERSCORP came to the conclusion that with this shift in focus, management should return to MBA, where MISMO adoption efforts can be synchronized with MBA advocacy.”
MERSCORP President and CEO Bill Beckmann said the company will continue to work to encourage adoption of MISMO standards.
The MERS system of transferring loan ownership has been under attack by borrowers looking for a loophole to put off foreclosure, and now Dallas County District Attorney Craig Watkins has filed a lawsuit against Bank of America and MERS over filing fees it claims were lost because of MERS. A long line of other U.S. counties are likely to follow suit if the Texas case sees any success.
