MISMO Issues Two New Resources: Latest Version of the Life of Loan Business Process Model and New Business Glossary User Guide
MISMO®, the real estate finance industry standards organization, launched two industry resources designed to help lenders and other mortgage organizations better leverage MISMO standards, products and collateral.
The Life of Loan Business Process Model is a high-level business process model depicting common activities that may occur over the life of a mortgage loan. It enables industry professionals and others to access information about MISMO standards and resources within the context of the related business process.
MISMO Life of Loan Version 2021.12 uses Business Process Model and Notation (BPMN™), which is a standard way of documenting business processes. Highlights of the Life of Loan Process Model include:
An overview of MISMO Life of Loan navigation, including an introduction to BPMN shapes.
Narratives with a brief description of what happens during the process and direction to related MISMO resources and workgroup(s).
Workgroup Cross Reference to assists the reader in finding MISMO Life of Loan content for the MISMO workgroup(s) in which they participate.
The new Business Glossary User Guide is designed to assist industry users navigating the recently updated MISMO Business Glossary, an important online resource that contains more than 7,000 mortgage industry business terms and data point descriptions from MISMO and non-MISMO sources.
The user guide demonstrates new search capabilities within the Business Glossary, the ability to search by term and/or definition as well as classifications, such as term type, focus area, and source. The guide also contains screenshots of the MISMO Business Glossary in its new format and has different ways to access and/or download the glossary.