MISMO Seeks Public Comment on Life of Loan Product, Commercial Appraisal Dataset

Tara Dunion tdunion@mba.org.

MISMO® announced Thursday it is seeking public comment on the MISMO Life of Loan Business Model and MISMO Engineering Guidelines (MEG) 3 and 6. The 60-day public comment period for MISMO Life of Loan Version 2020.12 runs through April 23.

MISMO also announced it is seeking public comment on its Commercial Appraisal Dataset. The comment period, which ends on March 26, is intended to enable the public time to review and comment on recent dataset updates completed in response to feedback received during the initial comment period. 

The MISMO Life of Loan Business Model is a high-level business process model depicting common activities that may occur over the life of a mortgage loan. It enables business professionals and others to access information about MISMO products within the context of the business process. The MISMO Life of Loan includes an overview, narratives and workgroup cross reference, as well as a process model (including a searchable PDF).

Highlights of the MISMO Life of Loan Version 2021.12 include its presentation in Business Process Model and Notation (BPMN™), which is a standard way of documenting business processes. The overview describes how to navigate the MISMO Life of Loan product, including an introduction to BPMN shapes, and each narrative provides a brief description of what happens during the process and directs the reader to related MISMO products and workgroup(s). The Workgroup Cross Reference assists the reader in finding MISMO Life of Loan content for the MISMO workgroup(s) in which they participate.

MISMO also announced a 30-day public comment period for the MISMO Engineering Guideline (MEG) 3 ending March 26. The MISMO MEGs ensure that MISMO work products adhere to all applicable technology standards, are produced in a consistent fashion and meet the needs of the mortgage industry.

MISMO’s Architecture Workgroup recently made adjustments to MEG 3 to account for the migration of the MISMO Reference Model to a non-platform specific tool maintained in uniform modeling language (UML®). The 60-day public comment period on the updated ends April 23.

MEG 6 provides guidance on the versioning and release schedule for the MISMO Version 3.x data standards. MISMO’s Architecture Workgroup has recently made adjustments to MEG 6 to reflect that this MEG applies to the various representations of the model instead of just the XML Schema. References to MEG 10 (Version Identification and File Name Construction) have also been added.  

The MISMO commercial appraisal dataset will facilitate efficient exchange of commercial real estate appraisal information, critical for underwriting and loss mitigation, between multiple industry participants. The new dataset was developed from a collaborative effort of commercial real estate and technology professionals. Following the earlier comment period, the dataset was updated to include new building-level data points, additions for non-multifamily property types and parties as well as refinements to various definitions and enumerations.

All public comment periods also afford those who participated on the proposals at least 30 days notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).   

For more information about MISMO, visit www.mismo.org.