MISMO Releases Consumer-Facing Charge, Fee Naming Guide

MISMO, the real estate finance industry’s standards organization, announced the Consumer-Facing Charge and Fee Guide has reached “Candidate Recommendation” status, meaning it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.

“MISMO developed this guide to promote the uniform application of fee names and descriptions, and we are confident it will create consistency across the industry and will facilitate efforts to comply with regulations,” said David Coleman, President of MISMO. “These efficiencies ultimately reduce costs and save time for all parties involved.”

The new Consumer Facing Charge and Fee Guide will benefit lenders and vendors by providing a standard set of expected fee names and descriptions for the Loan Estimate and Closing Disclosure for commonly used fees.

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join visit MISMO.org.