MISMO Seeks Input on New Business Glossary
MISMO®, the mortgage industry standards organization, is seeking industry feedback during a 60-day public comment period on its new Business Glossary, an online educational resource of industry business terms and data point descriptions, created for mortgage professionals.
“MISMO’s online Business Glossary was designed for the mortgage industry to be a leader in web-based resources,” said Amy O’Connor, Product Owner with Quicken Loans and a co-chair of MISMO’s Business Glossary work group. “Its clean look and use of hashtags to facilitate searches on specific topics will help mitigate risk, improve consumer understanding and satisfaction and reduce costs for our industry.”
The Business Glossary has features that permit flexible queries on key terms and includes information about common business processes, business events, business terms, calculations, documents, forms and more. Content was derived from several MISMO sources including MISMO standards, the eMortgage Glossary, the Business Reference Model and Logical Data Dictionary.
The Business Glossary also includes MBA’s own business glossary of mortgage banking terms, which for the first time will be available in an online format.
MISMO’s Business Glossary will be available for public comment until November 18, 2019. Industry participants who have comments or questions about the MISMO Business Glossary may contact MISMO at info@mismo.org. As a benefit to MISMO members, a special feature will permit them to download content in an Excel document.
MISMO participants, who developed the MISMO Business Glossary, will have at least a 30-day notice prior to final release to review the exchange and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). Disclosures and comments should also be directed to info@mismo.org. At this time, MISMO also requests that organizations disclose in writing any patents and patent applications that might be infringed by an organization that uses the MISMO Business Glossary.
Release and use of MISMO standards and other resources, including the MISMO Business Glossary, are governed by the MISMO Intellectual Property Rights policy. Click here for more information on the policy.
About MISMO
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the mortgage 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.
