Online PR News – 12-August-2015 – NORTH BRUNSWICK, NJ – Leading legal software solutions developer Easysoft, has announced that the company's new TRID-compliant real estate closing software, EasyCDF, is MISMO compliant. The announcement should ease closing agents' fears about the electronic data submission requirements of the new TRID regulations.
MISMO, the Mortgage Industry Standards Maintenance Organization, is the leading technology standards development body for residential and commercial real estate finance. A subsidiary of the Mortgage Bankers Association, MISMO creates, promotes, and maintains voluntary electronic commerce procedures and standards for the real estate industry. These standards allow mortgage lenders, investors, servicers, vendors, borrowers, and others to exchange real estate finance-related information efficiently and economically. MISMO is so far-reaching and widely respected that its standards are routinely accepted in the real estate finance industry, most major lending institutions, and government agencies, including the CFPB, for their own electronic exchange of data.
Easysoft has included an integrated MISMO-compliant import-export function into EasyCDF. This function allows users to confidently share real estate transaction data, knowing the software meets the strictest security requirements and TRID compliance obligations.
"TRID requires a major change in the way data is submitted to lenders and shared between lenders, settlement agents, real estate attorneys, and borrowers. When TRID goes into effect on October 3, 2015 all real estate closing data must be submitted electronically. There is a concern about privacy and data security in light of these requirements. MISMO has developed industry-accepted standards that ensure the security of data and we're proud to say that EasyCDF fully meets those requirements," said Chris Stock, CEO of Easysoft (www.EasySoft-usa.com).
In addition to data security, MISMO certified software "talks" to other MISMO certified software. That means agents and lenders can be using different systems, but as long as they both bear the "MISMO Compliant" or "Certified MISMO Compliant" label, the systems will be able to work together, ensuring data consistency throughout a transaction.
EasyCDF is Easysoft's updated version of their popular Easy HUD real estate closing software. Both software solutions are designed for use by legal professionals who want to manage real estate closings in-house. The software streamlines the closing process and improves productivity allowing even attorneys who do not handle closings routinely to manage the process with ease.