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Document Services Integration: Adhering to Industry Standards

The TILA-RESPA Integrated Disclosures (TRID) implementation date of October 3 has arrived, and with it, comes a vast number of changes across many interoperating software vendors. Being one of these vendors, FICS® knows that a lot of planning goes into deciding how best to design interfaces that interact with the software of our vendor partners.

The TILA-RESPA Integrated Disclosures (TRID) implementation date of October 3 has arrived, and with it, comes a vast number of changes across many interoperating software vendors. Being one of these vendors, FICS® knows that a lot of planning goes into deciding how best to design interfaces that interact with the software of our vendor partners. One such example is FICS’ Document Services Interface, which was introduced in Loan Producer® version 7.30 and enhanced in versions 7.40 and 7.50.

FICS’ Document Services Interface uses the Mortgage Industry Standards and Maintenance Organization (MISMO®), version 3.3 data specification to transfer loan data, allowing any vendor that complies with this MISMO format the ability to offer services to FICS customers. Customers find it beneficial because they have the freedom to choose from all compatible document services providers who adopt this open, industry standard.

FICS has collaborated with seven third-party document service providers to create the best options for our mutual customers. Since the vendors have differing systems for capturing data elements and producing the TRID documents, FICS has worked independently with each one to ensure the most effective outcome while staying true to the MISMO specifications.

A common data specification and interface creates an environment open to interoperability with any vendor. This low barrier to entry results in more options for FICS customers who can now select the document service provider that best meets their company’s specific needs.

 

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