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Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting

Karl Dattar AppraisalTrac/Dattar Systems, Inc 01/23/2004. Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting. Overview. Address some of the not so obvious considerations for qualifying an EDI standard as genuinely OPEN

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Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting

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  1. Karl Dattar AppraisalTrac/Dattar Systems, Inc 01/23/2004 Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting

  2. Overview • Address some of the not so obvious considerations for qualifying an EDI standard as genuinely OPEN • Success cases of OPEN EDI standards • Where are we with OPEN EDI standards for Appraisal ? • Are the stars aligned for an OPEN Appraisal Standard? • Why MISMO REPI? • Tangible benefits to Lenders and Service Providers

  3. OPEN EDI Standard Technical Considerations • Non-proprietary definitions and documentation for the phases of EDI • Transport • Session & Conversation Management • Content Format & Interpretation • General Error handling • Reasonable ability to implement standard on Operating System of choice without reliance on third party plug-ins or proprietary extensions • Standard should be owned/managed by an independent body that has committed the standard to the public domain • Allows standard to change and evolve for the universal benefit of all

  4. OPEN EDI StandardBusiness Considerations • No dependency on the ongoing existence of third-party entity(s) • No liability to “switching horses mid-stream” • Proprietary standards tend to cripple a business by locking them into a particular vendor’s technology thereby making future business changes difficult • Intellectual Property Issues • Freedom to implement standard through internal IT resources or third party providers • Freedom from complicated licensing issues and dueling Non-Disclosure Agreements

  5. Examples of Open EDI Standards for B2B Process Automation • US Customs ABI (Automated Broker Interface) • www.cbp.gov/xp/cgov/import/operations_support/automated_systems/abi • Healthcare Insurance Portability and Accountability Act (HIPAA) • http://aspe.hhs.gov/admnsimp/index.shtml • Financial Information Exchange (FIX) Protocol • www.fixprotocol.org • Email (SMTP - Technically a transport protocol) • www.ietf.org • And many more ….

  6. Are we there yet? In light of the Technical & Business Considerations for qualification of a genuinely OPEN EDI standard discussed earlier, We are still without an OPEN EDI standard for Appraisal

  7. What is different today?Technical Issues • The Internet Effect: • Information Technology has become a commodity • Barriers to technology acquisition have been reduced • Easy access to Technical Knowledge • XML • A wealth of development tools for XML • XML platform independence • XML is psychologically a better fit • Web Services based on WSDL - Web Services Descriptor Language (WSDL < > Web Site) • Automated discovery & interaction of data services

  8. What is different today? Business Issues • Myriad success cases attributed to OPEN Standards and OPEN Standards organizations: • W3C (e.g., HTML) • IETF (e.g., SMTP) • FIX PROTOCOL • MISMO • Investments in OPEN Standards provide business cost savings without the ball and chain • Investments in Proprietary Standards are a dead-end investment in the typical business environment

  9. Why MISMO ? • MISMO’s mission is to develop, promote, and maintain voluntary electronic commerce standards for the mortgage industry - making them an ideal and unique candidate • You know who they are and where they stand • Several workgroups under the MISMO umbrella are addressing EDI Business Process Automation for this industry • One Stop shop for lenders and service providers for OPEN EDI standards

  10. MISMO REPI Workgroup Standards are based on platform independent XML • Property XML • Status: Release Candidate (Almost there) • Appraisal XML • Status: Release Candidate (Almost there) • Appraisal Fulfillment XML • Status: Close to submission to core for initial review

  11. MISMO – REPI WorkgroupTangible benefits for Lenders & Service Providers • Freedom to develop IT infrastructure internally or outsource per YOUR business budget and requirements • A Complete EDI specification to interact with YOUR service providers and vice versa • Freedom to alter YOUR business models and operations without being tied to proprietary standards

  12. Q & A

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