MISMO Releases 2022 Annual Report

DELRAY BEACH, Fla.–MISMO®, the  real estate finance industry’s standards organization, today released its 2022 Annual Report here at its Winter Summit.

MISMO’s Annual Report outlines the organization’s progress toward creating essential standards designed to solve key business challenges. View the full report online to learn more about MISMO’s impact, achievements, certifications, growth, and success in 2022.

“MISMO’s exemplary work to reduce costs and improve efficiency across the mortgage market is essential in today’s economic climate,” said Jan Davis, Acting President of MISMO. “We made excellent progress last year on the initiatives that fulfill this mission and look forward to building upon this work on behalf of the industry in 2023.”

Highlights of the report include:

Improved Efficiency and Reduced Costs

• MISMO released Version 3.6 of the MISMO Reference Model, which is the foundation for most MISMO standards today and will shape every new API, dataset, and SMART Doc® in the coming years. Also included are residential appraisal data enhancements required for the GSEs’ Uniform Appraisal Dataset (UAD); closing instructions exchange standards that improve communications between lenders and closing agents; a standard dataset for the efficient exchange of the VA Request for a Certificate of Eligibility; and a standard Tax Transcript (IRS Form 4506-C) dataset for streamlined exchange of tax returns.
• Published the Adverse Action Notice Standard which provides lenders and vendors a standard method for completing credit denial forms to minimize errors and increase efficiency.
• Released a new Reporting Guide to Facilitate the Exchange of Forbearance Data, designed to help industry professionals better report on loans that have been in or are in forbearance.
• Launched three new commercial real estate standards: the Commercial Financial Operational Statement dataset standard, an updated Commercial Appraisal Dataset Standard, and the Commercial Green Borrower Questionnaire, which encourages efficient exchange of data and creates an industry resource for standardized environmental questions for lenders to ask borrowers applying for a commercial mortgage.

Enhanced the Interoperability of Data, Systems, and Technology Platforms

• Introduced the API Toolkit to flatten the MISMO model and enable the industry to build applications to trade smaller amounts of data, and released three standard APIs: MI Estimated Rate Quote API, MI Activation API, and the FIPS Code Lending Limit API.
• Enhanced the Industry Loan Application Dataset (iLAD) for modifications to the GSE AUS specifications and to include USDA Guaranteed Loan Application Specifications, improving interoperability and efficiency.
• Published for comment a standardized template and information exchange to facilitate the bidding process for Mortgage-Backed Securities (MBS) between agency MBS sellers and securities dealers for Bids Wanted in Competition (BWIC).

Accelerated the Industry’s Digital Transformation

• MISMO launched the e-Eligibility Exchange, powered by Snapdocs, to provide a central source of digital closing information at the transaction level.
• Initiated the development of eVault standards enhancing scalability of digital mortgages.
• Certified two dozen platforms as meeting MISMO’s RON standards and four as meeting industry eClosing requirements, respectively, providing transparency to the industry.
• Developed a new Verifiable Profile SMARTDoc® specification that restores trust in data.

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.