MISMO Seeks Leaders to Develop New Business Glossary
The Mortgage Industry Standards Maintenance Organization seeks participants to create a new mortgage industry Business Glossary.
The MISMO Glossary will reflect all processes in the mortgage industry, from initial borrower queries to loan payoff, and all events in between, including provision of services by vendors to regulatory reporting. The glossary will be oriented towards business professionals, avoiding technical jargon except where absolutely necessary.
To ensure the success of this effort, MISMO is seeking professionals from across the mortgage industry to assist with this important effort.
“The MISMO standard and the new Business Glossary are created by volunteers through a collaborative process,” said Joshua Weinberg, Executive Vice President of First Choice Loan Services Inc. “However, once the standard is published, its use becomes compulsory, because it is baked into regulation, business processes and the technology that supports them. If you’re interested in the future of our industry and committed to making it better, this is the time to participate and get involved in building solutions that will help shape the direction and path we take.”
Like other glossaries, the MISMO Business Glossary will include terms, definitions and allowable values. There is significant value in understanding how and where data is used across the industry. This additional knowledge can influence the design of business processes, the creation of new business opportunities and more. The MISMO Business Glossary will document common business processes, business events, calculations, documents, forms and more. The inclusion of this information will enable business and technology professionals to create views of various business processes, the data that is used or produced by the processes and dictionaries of terms that are used within a process.
“Over the years, the industry’s brightest minds have collaborated under MISMO to create standards that have made the mortgage process more productive and consumer friendly,” said Rick Hill, Executive Vice President of MISMO. “While existing MISMO standards have greatly improved business to business technology communications, their (often necessary) complexity has made it difficult for non-technical industry participants (i.e. business users) to understand and utilize the standards. When complete, the new business glossary is expected to make it easier for lenders and other mortgage organizations to leverage MISMO standards as well as MISMO products and collateral to fulfill their unique business needs and goals.”
Individuals interested in participating in this collaborative, industry-wide effort should send an email with the subject line “Join MISMO’s Business Glossary Workgroup” to info@mismo.org by Friday, April 14.
The concept for this new workgroup was initiated through the MISMO Future State Standards Initiative. Additional details, including a high level articulation of the high level vision are available on www.mismo.org.
About MISMO
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages and are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.
