MISMO API Community of Practice to work on Microservices Standards at Winter Summit
January 19, 2022
What are microservices?
A microservice architecture is a software architecture paradigm that structures an application as a collection of small services. These services are typically:
- Highly maintainable and testable
- Loosely coupled
- Independently deployable
- Organized around business capabilities
- Owned by a small team
Microservices architectures make applications easier to scale and faster to develop, enabling innovation and accelerating time-to-market for new features
What problems can microservices solve for the mortgage industry?
A mortgage transaction consists of long running processes involving the exchange of large amounts of data and documents between multiple parties. Manual processes extend mortgage processing times and introduce human error. FinTech and RegTech companies provide services to automate the mortgage process, but these services often require custom integrations with core systems. Microservices can simplify these data exchanges.
When microservices successfully implement a single business capability, they become reusable components that increase flexibility and reduce deployment time, enabling organizations to respond quickly to regulatory changes and consumer demand. They can scale independently to support increased volume triggered by rate changes and seasonal spikes. Microservices can accelerate the loan process in various ways, such as:
- Automate manual processes
- Aggregate data
- Determine eMortgage eligibility
- Verify income, employment, and assets
However, microservices also have the potential to increase complexity and present their own unique challenges. Defining service boundaries, decomposing monolithic systems and the lack of standardization can pose difficulties that hinder adoption.
Join us at the MISMO Winter Summit as we discuss:
- How does the MISMO API Toolkit help organizations adopt microservice architecture?
- What approaches have been used successfully to define microservices?
- How can organizations successfully decompose or augment their monolithic systems with microservices?
- What are common platforms for microservices?
- What are common patterns and antipatterns for microservices design and data management?