NetOxygen: Loan Processing
Software for the Real World

GFS Announces Release of MISMO Transaction Implementations

Brentwood, TN - Gallagher Financial Systems, Inc. announces the creation of four implementations of business-to-business (B2B) communications. These enable the import and export of data identified by the Mortgage Industry Standards Maintenance Organization (MISMO).

MISMO is an independent body created in January 2000 by the Mortgage Bankers Association of America (MBAA) to standardize the data transacted through the mortgage industry. MISMO is a part of industry efforts to regulate the security and data transacted. This focus has the potential to revolutionize communications in the mortgage industry.

"Before MISMO standards, interfacing with a new provider required the lender to justify a significant development investment" said Greg Alvord, Gallagher's B2B Architect. "With MISMO data standards, developing a MISMO-compliant interface requires attention to only what is different, which in most cases is simply a different URL address. It's so easy—it justifies itself within the first hour of production."

Late last year, GFS established an initiative tasked with improving the development of B2B communications. Employees throughout the company work with MISMO definitions and formats to assure interoperability with other systems.

Though MISMO definitions focus on the data transferred between organizations, they also simplify the development of non-compliant interfaces. At GFS, defining the MISMO structure eases non-compliant interfacing. "We can map MISMO data elements to non-MISMO defined data elements much easier than before. With MISMO requirements in place, the GFS end is complete—we just point the provider's elements to the appropriate MISMO place."

Gallagher's use of MISMO standards provides Gallagher's NetOxygen solution with out-of-the-box support for any third-party service that supports a MISMO interface. This roll-out includes the most current MISMO definitions for Credit, Mortgage Insurance, Automated Underwriting Systems, and Flood transaction data. Each transaction has been certified by various industry providers.

About Gallagher Financial Systems
One of the nation's largest loan origination systems providers, Gallagher Financial Systems, Inc. (GFS) is headquartered in Coral Gables, Florida, with its national operations center in Brentwood, Tennessee. GFS has over 160 professionals located throughout the United States and abroad. Gallagher's product suite includes Gallagher NetOxygen (for Internet-enabled technology needs), Gallagher Toolkit and Dialog Helper, Gallagher Millennium, and the Gallagher Executive Information System for secondary marketing. Gallagher Financial Systems, Inc. was formed in 1985. For more information, visit Gallagher's corporate Web site at www.gogallagher.com