MISMO Updates Standards to Support Regulatory Requirements

MISMO updated its residential standards in support of multiple regulatory and industry reporting requirements.   

Changes to the standards support the Consumer Financial Protection Bureau’s Home Mortgage Disclosure Act, the GSE Uniform Loan Application Dataset and Know Before You Owe, also known as the TILA-RESPA Integrated Disclosures (TRID) regulations.     

The new update, referred to as Version 3.4 of the MISMO® Residential Reference Model, has been issued for a 30-day intellectual property rights review. MISMO does not anticipate that there will be any additional significant updates to its residential standards in 2016.   

Version 3.4 has been released as a Candidate Recommendation, which means this update has been thoroughly reviewed by a wide range of organizations and industry participants. The thorough review by industry provides a good indication that this update is ready for broad use across the entire residential mortgage industry. The IPR review period is the final opportunity for entities to submit inquiries over intellectual property infringement within the standard.  

“MISMO continues to focus on providing solutions to business problems and regulatory requirements while also supporting initiatives to help enhance business opportunities,” said Richard Hill, Executive Vice President of MISMO and Vice President of Industry Technology with the Mortgage Bankers Association. “The standards help to provide a common interpretation of facts and events that facilitates collaboration among the entire mortgage industry. The recent implementation of TRID and the future implementation of the HMDA rule are helped by the collaborative efforts to develop common interpretations that are reflected in the standards.”  

Besides enhancements specific to new HMDA, TRID and ULAD, Version 3.4 includes enhancements specific to the GSEs Uniform Closing Dataset (UCD); evidence of compliance with the CFPB’s National Servicing Rule; HUD Document Types; Foreclosure and Bankruptcy data; and credit reporting trend and credit score category information.   

As with all new releases of the standards, operational, business and technical reviews are recommended prior to implementation. Version 3.4 contains some changes that are not compatible with previous releases. To assist with the assessment of impact on existing implementations, MISMO has provided Release Notes (http://www.mismo.org/Specifications/ResidentialSpecifications.htm) and additional resources concurrent with release of Version 3.4. Additional resources include the new Version Comparison Report, which provides details on how containers, data points and enumerated values have changed across all Version 3.x releases. Full details on model enhancements can be found in the Version 3.4 Release Notes and Version 3.4 of the MISMO Reference Model.  

Version 3.4 is subject to a 30-day IPR review. The IPR Review period runs through Tuesday, March 1. Any and all intellectual property rights disclosures should be submitted to info@mismo.org  on the MISMO IPR Disclosure Form.  

Use of MISMO standards is governed by the MISMO Intellectual Property Rights Policy: http://www.mismo.org/files/PolicyDocuments/IPRPolicy-PDF.pdf.   Should you have any questions or concerns, please contact INFO@MISMO.org.  


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.