Jacksonville, Florida, May 8, 2006 – Lydian Technology Group, the industry’s leading provider of award-winning business infrastructure and integration software, has become one of the first companies to achieve MISMO’s XML Compliance (MXCompliance) certification for Credit Request v2.3.1.
The MXCompliance certification program was established by MISMO, a non-profit subsidiary of the Mortgage Bankers Association, to certify MISMO transactions and to ensure that there is a common understanding of what it means for a product to comply with a MISMO standard.
“In years past, companies would simply state that they abided by MISMO standards, but that meant different things to different people,” explains Paul Gain, Chief Executive Officer of Lydian Technology Group. “MISMO’s new MXCompliance program is changing that. MXCompliance certification gives companies the peace of mind that systems abide by the MISMO standards.”
Lydian Technology Group is seeking MXCompliance certification in a wide range of areas. “We just got certification for credit reporting, and we’re working on obtaining several additional MXCompliance certifications, including MISMO AUS 2.3.1 for automated underwriting and MISMO MI for mortgage insurance request and response,” states Gain.
While companies can take weeks to prepare their product for MXCompliance certification, Lydian Technology Group was able to do so in a short period of time. "We completed the Credit Request certification process in only two weeks because we have designed our technology with MISMO in mind,” states Gain. "We passed the MXCompliance process without making any changes to our technology. Our ability to get MXCompliance certification so quickly validates that the MISMO data sets that we have at the core of our integrated data hub technology are very solid."
MXCompliance certification for Credit Request will prove useful to companies seeking to connect with credit providers, including those operating in a service-oriented architecture and/or Web services environment.
"We are working with several organizations that are deploying our integrated data hub for the purpose of retiring their legacy system," says Gain. "If their goal is to facilitate a serviceoriented architecture environment with connectivity to third party services like credit, this MXCompliance certification validates our ability to perform."
To get MXCompliance certified, companies need to prove that the transactions they’re producing meet the criteria as defined by the MISMO workgroups. "Passing the criteria set by the MISMO workgroups is more than just about having well formed XML," explains Terrell Cassada, Lydian Technology Group’s senior vice president of product management, who also serves as co-chair of the MISMO Core Structures Workgroup. "Each of the workgroups, and in this case the MISMO Credit Workgroup, has set up guidelines for required data elements that have to be present in the transaction. You won’t necessarily know from the DTDs defined by those workgroups what elements are required. You have to go through an analysis of an XML schema. It’s important to note that MISMO is DTD based, whereas MXCompliance actually uses schemas in order to certify compliance because one is able to specify which fields are required and content characteristics of those fields."
For more information on MISMO’s MXCompliance certification, go to www.MXCompliance.MISMO.org.
About Lydian Technology Group
Lydian Technology Group, a wholly owned subsidiary of Lydian Data Services (www.LydianData.com), provides awardwinning enterprise integration and process automation solutions that empower organizations to achieve a greater return on their current and future technology investments. The company’s integrated data hub technology equips companies with a cost-effective, ready-todeploy service-oriented architecture (SOA) with pre-built integration adapters to hundreds of financial services applications. The technology empowers companies to leverage best-of-breed technologies by making it easy to add, update or remove applications without system-wide repercussions. This time-tested solution offers a future-ready architecture to efficiently integrate systems, automate processes across disparate applications, and store all data in a centrally accessible repository. Authorized users have real-time access to enterprise-wide data through this central repository, and can engage in productive collaboration with other users. The technology also simplifies the deployment of business process management tools by equipping users with building block components. For more information, visit www.LydianTechnology.com.
About Lydian Data Services:
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Company and the parent company to Lydian Technology Group (www.LydianTechnology.com), provides end-to-end outsourcing and a la carte services to manage or enhance all aspects of the mortgage operation for money center and community banks, credit unions, mortgage banking entities and premier investment banks. Through its award-winning, open-architecture platform, and industry-proven "best practices" fulfillment services, Lydian Data Services improves its clients' operational efficiencies, risk management and service delivery. The company has focused expertise in post-closing, quality control auditing services, correspondent loan acquisition services, origination fulfillment services (including wholesale and retail processing), and bulk due diligence. Lydian Data Services is a central clearinghouse and standard for high quality mortgage transaction processing and fulfillment solutions for leading lenders and investors within the mortgage industry. Lydian has been awarded the Ernst & Young Florida "Entrepreneur of the Year ® " award for Financial Services, has been repeatedly ranked one of the fastest-growing private companies on the Inc. 500, and was the top ranking financial services company to be recognized on the InfoWorld 100 list of the "Most Technologically Innovative Companies in the World." For more information, visit www.LydianData.com.
About Lydian Trust Company
Lydian Trust Company is a diversified financial services firm that provides a variety of banking and wealth management services to high net-worth clients and technology development and loan processing services to large financial services firms. Lydian is headquartered in Palm Beach, Florida, with offices located throughout Florida and in Arizona, District of Columbia, Georgia, New York, Pennsylvania, Connecticut, Oregon and Washington. For more information, visit www.Lydian.com.
Press Contact: Rosalie Berg
High Impact Marketing
(305) 971-5352
RosalieBerg@StrategicVantage.com
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