Abstract
This paper explores the requirements and solutions for integration of real estate property information data standards into financial industry business processes, and the necessity of adoption. Most business processes do not benefit from open data standards because they are locked within proprietary systems. A commitment to adopt open data standards has the potential to leverage current Information Technology (IT) investments with dramatic improvement in unforeseen ways. However, with data standards, other factors related to technical interoperability, understanding of a given business process, and education are crucial for optimum success. This paper addresses how the Mortgage Industry Standards Maintenance Organization (MISMO) operates with the mission to develop, promote, and maintain open specifications for real estate information as a data standards body to facilitate business processes more efficiently.
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