MISMO, the Mortgage Industry Standards Maintenance Organization, recently announced their plan to form a working group that will create eHELOC (electronic Home Equity Line of Credit) standards. With the help of stakeholders from mortgage lenders, technology providers, users, and investors, the organization hopes to develop a framework for the secure and efficient transmission and storage of financial information in the online HELOC process.
The eHELOC market is rapidly growing, with the interest levels for these products hitting historical highs. Online loan origination options have become an essential part of the process, and there is an increasing demand for standards to ensure an efficient and secure application process. To help fill this void, MISMO formed a working group to establish a set of standards that will ensure all facets of the eHELOC process are effectively managed and securely stored.
The working group will be primarily focussed on three distinct areas. Firstly, they will develop a secure access model that enables lenders to collect and store customer data. The working group will also create an auditable process that will enable lenders to ensure their data collections are compliant and secure. Finally, they will develop a data-sharing model to enable lenders to securely transmit the required information between internal systems and third-party providers.
MISMO is confident that the new standards outlined by their working group will provide a useful framework for lenders, investors, and other stakeholders to efficiently and securely manage their online lending process. The organization stated that their effort is one of many initiatives within their mission of maintaining industry standards and ensuring a reliable, quality environment for mortgage data.
You can read this full article at: https://www.housingwire.com/articles/mismo-to-launch-working-group-to-create-eheloc-standards/(subscription required)
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