MISMO Announces Issuance of Standardized
The Mortgage Industry Standards Maintenance Organization (MISMO) has announced the issuance of standardized closing instructions, which were designed through the collaborative efforts of mortgage industry professionals, including lenders, attorneys, title companies, escrow companies, and software vendors who work with attorneys. The standardized instructions are designed to improve communications between lenders and settlement agents, thereby promoting efficiency and reducing closing errors.
The instructions contain two templates. The master closing template contains instructions that are common to all loans closed by a particular lender, and covers items such as data security and verification of signer identity. The transactional closing instruction template contains information that relates to a specific loan, including borrower and property information, conditions, critical dates, and stipulations.
Although it is not yet scheduled, CATIC is planning to hold a webinar on the standardized closing instructions so that our agents can become familiar with the forms. Presenting at the webinar will be Ruth Dillingham, who was an active participant in MISMO’s development of these standardized closing instructions. We will provide more information about this webinar as soon as it is scheduled.