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Dynatek’s MORvision First with MXCompliance Certification for MI
Mortgage software developer only company with two MISMO certifications
Livonia, Mich., February 15, 2006 – Dynatek, Inc., an established leader in revolutionizing mortgage automation, today announced that its MORvision mortgage automation system has been certified for Mortgage Insurance (MI) by MISMO. The first and only company to receive MI certification to-date under the MISMO MXCompliance Program, MORvision was certified for MI Application Request v2.1.1 and MI Application Response v2.1 on January 30, 2006.
“Dynatek is proud to take a lead role in adopting MISMO standards and receive the very first MXCompliance Certification for the MI Product,” said Todd Luhtanen, Dynatek president and CTO, and elected member of the MISMO Governance Committee. “Dynatek will continue to lead the industry in adopting new standards, and Dynatek’s customers will receive immediate, tangible benefits in expanded services and reduced operating costs.”
MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), launched its MISMO eXtensible Markup Language (XML) Compliance (MXCompliance) for MI in September of 2005. Dynatek began the certification process immediately after receiving their first certification for credit on October 18, 2005, making Dynatek the only company to receive certification for both of the available MXCompliance certifications to-date.
Dynatek followed the steps outlined on the MISMO MXCompliance Website to become certified for both credit and MI, including import and export testing. According to MISMO, MISMO standards and MXCompliance Certification is critical to achieving maximum use of MISMO standards across trading partners. MXCompliance Certification establishes a common understanding of what it means for a product to comply with a MISMO standard, offers certification trademarks that establish MISMO compliance, and gives lenders and vendors a benchmark by which to compare other products.
"The MISMO brand has become widely recognized as offering efficiencies to the mortgage lending industry, through standards development and innovation," said Gabe Minton, executive vice president at MISMO. "MXCompliance allows for implementers of MISMO's Internet-based XML standards to reference requirements and take steps in becoming officially compliant, according to MISMO, as well as validate their XML. MXCompliance is necessary as the industry continues to advance while adopting MISMO standards."
MISMO is currently working on creating certification standards for the next MXCompliance certification: Automated Underwriting Systems (AUS) 2.3.1. As chair of the Mortgage Origination work group, Dynatek senior business analyst, Denise Lawrence, is leading the effort working with Fannie Mae, Freddie Mac, and other industry leaders to ensure development of a robust testing tool.
Dynatek plans to seek certification for AUS 2.3.1 as soon as it becomes available, and will seek certification for all relevant origination-related transaction sets as they become available in the future.
For more information on MISMO, visit www.mismo.org.
For more information on MXCompliance, visit mxcompliance.mismo.org .
About Dynatek
Founded in 1986 and headquartered in Livonia, Mich., Dynatek has been revolutionizing mortgage automation for retail and wholesale lenders for nearly 2 decades. Dynatek’s MORvision is a flexible solution that automates everything from point-of-sale and web origination through processing, underwriting, closing, secondary tracking and delivery. Dynatek is attributed with a long list of industry innovations including their award-winning Plug-In Partner Network, which seamlessly connects MORvision users to industry partners with just one click; and their unique Control Center, which offers capabilities for eMortgage, business process management, and multi-client support. With Dynatek’s complete mortgage software solution and multi-faceted approach to customer service, the company has earned numerous industry commendations and the respect of hundreds of full-service financial institutions across the nation. For more information on Dynatek or to schedule a live demonstration, call 800.462.5545 or log on to www.dynatek.com
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