MISMO Releases Version 3.5 Residential Standards for Public Comment
MISMO, the Mortgage Industry Standards Maintenance Organization, released Version 3.5 of the MISMO Reference Model for a 60-day public comment period through June 3.
Version 3.5 is expected to be elevated to Candidate Recommendation status thereafter.
“The latest update to the MISMO standards follows months of collaboration and hard work among many volunteer industry leaders,” said Randy Poirier, Vice President Enterprise Business Intelligence at Black Knight and Chair of the MISMO Residential Standards Governance Committee. “We are pleased to release this update for public comment and look forward to receiving feedback.”
MISMO Version 3.5 includes updates to support trended credit data processes; enhanced default reporting data to support Veterans Administration programs; changes to support SEC Regulation AB-2 reporting requirements; and changes to support updates made by the Consumer Financial Protection Bureau to the Know Before You Owe reporting requirements as well as the Home Mortgage Disclosure Act reporting rule.
“As the regulatory landscape continues to shift and new requirements emerge, the latest standards enable all mortgage organizations to reduce costs while improving communication and transparency,” said Rick Hill, Executive Vice President of MISMO. “The consistent use of MISMO standards by regulators, housing agencies, the GSEs and other organizations ensures a common understanding across the industry.”
In addition to the updates noted above, the MISMO 3.5 Reference Model supports:
–Transfer of servicing and new debt collection data
–New fee and fee process types to facilitate compliance with the CFPB’s “Know Before You Owe 2.0” (TRID) regulation
–Technical changes that improve the ability to create and validate extensions (e.g., custom extensions no longer require modifications to the XML schema)
Concurrent with release of Version 3.5, MISMO also released an updated version of the Version Comparison Report. This report, available to MISMO members, provides details on how containers, data points and enumerated values have changed across all Version 3.x releases.
Version 3.5 contains some changes that are not compatible with previous releases. For a complete listing of updates available in Version 3.5, or to download the new standard, click http://www.mismo.org/standards-and-resources/residential-specifications/mismo-version-35-x190774.
Comments regarding Version 3.5 should be e-mailed to info@mismo.org.
About MISMO
The Mortgage Industry Standards Maintenance Organization 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 they 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.
