MISMO's Guide to Reshaping the Mortgage Industry, Leaving Paper for Pixels

The word “mortgage” evokes myriad responses depending on one’s relationship with homeownership. But one thing is certain: Mortgages are a big deal for the U.S. — and global — economy. These property payment plans support a large portion of one of the world's largest asset classes and are, therefore, highly scrutinized.

This has led to the mortgage industry garnering a reputation for slow processes and a hesitation to adapt to modern technological innovations. However, reputations are not always representative of reality.

In fact, one of the industry’s largest organizations, the Mortgage Industry Standards Maintenance Organization (MISMO), is working steadily to streamline the process by replacing paper forms with digital processes.

In this episode, host Maiclaire Bolton Smith sits down with Sage Nichols, an executive for client success at CoreLogic, to talk about how standards and best practices can pave the way for modernizing the mortgage industry.

In This Episode:

• 3:47 – What is MISMO?
• 4:42 – How has the mortgage industry changed and moved toward digitization?
• 6:56 – COVID still has lasting effects on the mortgage industry
• 8:12 – Why are standards important anyways?
• 13:12 – The Sip: Erika Stanley gives a look under the hood at the current state of the property market
• 14:15 – Why are standards crucial for the secondary mortgage market?

Up Next: Appraising PropTech Innovation: Do Short-Term Changes Have Long-Term Effects?

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