MISMO Releases New Tool to Speed Deployment of New Applications
MISMO®, the mortgage industry standards organization, released a new tool designed to facilitate use of MISMO standards.
The MISMO Entity Relationship Model, or ER Model, supports database engineering and general data management functions, resulting in quicker application development and deployment schedules, while helping to reduce errors that result from proprietary implementations.
The MISMO ER Model and the accompanying User Guide are being released for a 60-day public comment period. The comment period remains open from through April 30.
“MISMO’s ER Model gives mortgage industry users the convenience of quickly creating databases that are based on MISMO standards,” said Richard Hill, Executive Vice President, MISMO and Vice President of Industry Technology with the Mortgage Bankers Association. “A process that otherwise would have taken months can now be created within a few hours. Any organization that stores large caches of data in support of its business will benefit from MISMO’s ER Model, and it will save them extensive development time and reduce related costs.”
The ER Model is based on Version 3.5 of the overall MISMO Logical Data Model, and is designed to improve how mortgage organizations store and manage data built using MISMO standards.
The 60-day comment period is intended to afford workgroup participants who worked on the proposed ER Model at least 30 days’ notice prior to final release to review the templates and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). Industry participants’ disclosures and comments should 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 proposed ER Model.
Release and use of MISMO standards and other resources, including the proposed Entity Relationship Model and iGuide, are governed by the MISMO Intellectual Property Rights (IPR) Policy. For more information on the policy, click here.
For more information about MISMO, visit www.mismo.org.
The Mortgage Industry Standards Maintenance Organization 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.
