A new alliance of industry groups promises to streamline the public property recording process and create more efficient electronic access to public property records.
The Property Records Industry Association (PRIA) and the Mortgage Industry Standards Maintenance Organization (MISMO), a non-profit subsidiary of the Mortgage Bankers Association, announced a formal alliance today to enable seamless “plug and play” between MISMO and PRIA standards.
“PRIA is leveraging its relationship with MISMO by using MISMO’s infrastructure of closing standards, plugging into that infrastructure PRIA’s recording standard, while continuing to maintain the integrity of the country’s public land record system,” said Mark Monacelli, president of PRIA.
“MISMO recognizes that the systemic changes underway in the capital markets only increase the need for efficient data interchange,” said Doug Duncan, president of MISMO. “This alliance with PRIA spans both the commercial and residential industries and will provide both sectors with the framework for the efficient electronic delivery of public property records.”
The alliance is a key part of MISMO’s commitment to eMortgages. MISMO offers a variety of products and services to develop, promote and maintain voluntary electronic commerce standards for the mortgage industry. Its eMortgage Workgroup builds on the existing MISMO data standards, adding data elements and electronic signature capabilities to create an infrastructure for legally enforceable standardized, fully electronic, or paperless, mortgages.
PRIA is a coalition of public and private participants of the property records industry, cooperating to formulate positions on issues of common interest. PRIA is an active participant in MISMO, and supports the outreach to all elements of the real estate and real estate finance market as a critical step to the standards implementation.
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