Black Knight Financial Services, Inc. announced its LoanSphere Exchange technology and LoanSphere Closing Insight solution, both offered through its RealEC Technologies division, have achieved Premiere Level Certification from MISMO. MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA) serving as the standards development body for the mortgage industry, awards both Standard and Premiere Level certification to software providers who demonstrate appropriate use of MISMO standards and best practices related to origination, which includes TRID requirements.
Black Knight’s Exchange technology and Closing Insight solution achieved Premiere Level Certification after an independent third party reviewed the company’s MISMO-related practices and validated Black Knight’s ability to create MISMO-oriented data transmissions, interfaces or reports. Because the CFPB and other regulatory agencies will rely on and conform to MISMO standards for examinations and data exchange tools, this certification is an unbiased acknowledgment that Black Knight meets the industry’s highest standards for data transmission and translation reliability.
From start to finish, the mortgage workflow involves lenders, appraisers, title companies, settlement agents and more – all using disparate systems. Increasing industry adoption of MISMO standards for data exchange and interoperability allows for faster, easier collaboration and communication among all participants, which increases efficiency, supports a more compliant process and provides a better consumer experience.
“Now that the TRID rule is in effect, and as other mortgage industry regulations continue to be mandated, conforming to MISMO standards is more important than ever,” MISMO President Michael Fratantoni said in a news release. “Achieving Premiere Level certification demonstrates Black Knight’s commitment to furthering the transparency, efficiency and quality of the loan process.”
“We are pleased to achieve MISMO Premiere Level Certification, which enhances the value of our solutions and further validates Black Knight’s ability to effectively support lenders and providers with their origination requirements, including those for TRID,” said Dan Sogorka, president of RealEC Technologies, a division of Black Knight Financial Services.