MISMO, the standards organization for the mortgage industry, has released proposed updates to the Industry Loan Application Dataset (iLAD), its modernized dataset for exchanging loan application data. The updates contain the latest feedback from industry participants and are available for a 30-day public comment period.
“ILAD enables industry partners to seamlessly share loan application data, and is yet another avenue that MISMO offers the industry by digitizing processes, reducing costs and finding better opportunities for consumers,” said Rick Hill, Executive Vice President of MISMO and MBA Vice President for Industrial Technology. “The contributions made during the previous 60-day comment period were instrumental in creating this new and improved version. We encourage attendees to check the updates and give us feedback. “
iLAD – first published in September 2019 – is a compendium of data points used in the new Uniform Residential Loan Application (URLA), the new Automated Underwriting System (AUS) interfaces of Government Sponsored Enterprises (GSE) and the existing Fannie Mae 3.2- File are included. iLAD is expected to replace the many peer-to-peer data exchanges that currently use the Fannie Mae 3.2 file as the de facto data exchange standard.
The updated iLAD includes changes previously made to its source files, including the Uniform Residential Loan Application, Version 1.8 dataset; Desktop Underwriter AUS request record, version 1.8; and Loan Product Advisor AUS request record, version 5.0.06. iLAD will be released for a 30-day comment period and will remain open until April 10, 2020.
The update also includes 400 changes to the iLAD specification, which are documented in the “Revision History” section of the specification. The adoption of iLAD is expected to be evolutionary as companies work with business partners to determine the best time to implement it. MISMO is releasing the updated specifications to give companies time to evaluate how and when to roll out iLAD.