MISMO Issues Application Threshold Decision Model and White Paper
MISMO, the real estate finance industry’s standards organization, today introduced the Application Threshold Decision Model and White Paper.
This work product is a white paper and shareable decision model designed to determine when the application threshold is crossed, in accordance with the Application Threshold rule as expressed by the Real Estate Settlement Procedures Act (RESPA). Today, many mortgage industry participants perform the Application Threshold decision using their own unique systems, which means there are no standard mechanisms for determining the Application Threshold across the industry.
“The Application Threshold Decision Model and White Paper demonstrates how impactful the use of decision modeling can be in the mortgage process,” said Jan Davis, Acting President of MISMO. “Standardizing the process can enhance business efficiency and communication.”
The MISMO Decision Modeling Community of Practice recommends the Decision Model and Notation ™ (DMN™), an Object Management Group ® (OMG ®) standard, as the standard for mortgage industry documentation, implementation, and execution of business rules and decisions.
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join visit MISMO.org.