MISMO Seeks Participation in Industrywide Mortgage Fee Naming Effort

MISMO seeks interested parties to collaborate together to create a set of consumer friendly, disclosure ready, standardized fee terms and definitions.  

Currently, there are thousands of different fee names included in various industry systems. The new rules for TRID (TILA/RESPA Integrated Disclosures) require common fee names between the Loan Estimate and the Closing Disclosure.  

Consider joining MISMO’s Fee Naming Group to contribute towards a solution to address this pressing industry need. Collaborate with industry experts to develop and promote consistent application of easy to understand mortgage fee terms and definitions. This will help to get everyone “speaking the same language” and support industry efforts to comply with regulations saving everyone time, money, and effort.    

MISMO Fee Naming Group Deliverables

–Create a dictionary of fee terms and definitions. The initial list is expected to contain nearly 100 of the most commonly used terms.

–Continue to standardize additional fees in future iterations.    

The group will meet for approximately one year with four one-hour conference calls per month and three in-person meetings at the MISMO Summits (Winter, Spring and Fall, 2016).  

If you would like to be a part of this effort, please sign up by sending an e-mail titled “JOIN MISMO’s FEE NAMING GROUP” to INFO@MISMO.org before Tuesday, October 27.   

About MISMO

MISMO® is the voluntary standards development body for the mortgage industry. Voluntary use of MISMO standards reduces processing costs, increases transparency and boosts investor confidence in mortgages as an asset class, while creating cost savings for the consumer. For more information, visit www.mismo.org.