MISMO Trended Credit Data Development Workgroup Agrees on Whitepaper Direction

The MISMO® Trended Credit Data development workgroup reached unanimous decision to move forward with developing a Whitepaper recommendation to use custom extensions to represent the Trended Credit Data in the MISMO 2.x models.

The approach will be based on data structures defined in the MISMO 3.4 reference model and allow for a more seamless transition through-out the user community when modernizing software systems.

The Workgroup was established to enable industry participants to collaborate, identify and recommend solutions for implementing the Trended Credit Data elements made available from Equifax and TransUnion and while meeting the requirements set forth by Fannie Mae for Desktop Underwriter 10.0. Industry participants worked together to review the issues and develop recommendations to allow the efficient exchange of data between Credit Reporting Agencies, Loan Origination System providers and the Mortgage Originations community.

After working through several proposals and reviewing the implementations of all options; the group voted to use the MISMO Architecture engineering guidelines for custom extensions. As a group, the ability for implementers to reuse existing code was a critical aspect for ensuring time to market application.

Work has begun on the whitepaper and supporting documentation for the release. The group meets every Thursday for one hour from 1:00-2:00 p.m. ET. The workgroup will also meet in person at the MISMO Spring Summit on June 7 from 9:00 a.m.-noon CT in Austin, Texas to finalize the recommendation.

If you would like to be a part of this effort, please sign up by sending an e-mail titled “JOIN MISMO’s TRENDED CREDIT DATA GROUP” to INFO@MISMO.org and you will be added to the group.