The American Land Title Association (ALTA) has announced that it is done fully mapping the national ALTA Registry dataset to the MISMO Schema – a move that would enable it to harness MISMO’s API technology.
The ALTA Registry data allows users to verify the identity of title and settlement agents handling their mortgage transactions. ALTA Registry Director Paul Martin said that the mapping would allow them to make greater use of the MISMO API Toolkit.
“Partnering with Viking Sasquatch and Closergeist enabled us to completely outsource the mapping process and complete it in a matter of weeks,” Martin said. “Now that our data is fully mapped to the MISMO standard, we plan to utilize MISMO’s upcoming API Toolkit to allow lenders to more easily access the ALTA Registry data.”
Using MISMO’s API Toolkit will make it even easier for mortgage lenders to integrate ALTA Registry data into their own oversight systems, according to the association. Once integrated, a lender will have automatic reconciliation of the ALTA ID, accelerating the process of reconciling agents in production pipelines to internal scorecards.
“The national ALTA Registry is a unique real estate utility created specifically for mortgage lenders and technology partners,” said ALTA CEO Diane Tomb. “We’re pleased to offer this tool as an innovative product to the lending community. The emergence of the ALTA Registry as an effective and easy-to-use source of data and information comes at the perfect time to help counter the alarming increase in wire fraud.”
“It’s great having ALTA lead the way by embracing the MISMO standard and innovating via APIs,” said Pat Carney, president of Sasquatch. “It’s an API economy. Empowering lenders to utilize MISMO’s API Toolkit to integrate into the ALTA Registry will greatly improve the user experience.”