MISMO Seeks Public Comment on Updated Life of Loan Process Model
MISMO, the real estate finance industry’s standards organization, announced that it is seeking comment on the latest version of the MISMO Life of Loan Process Model. The 60-day public comment period runs through June 18, 2024.
MISMO Life of Loan is an interactive business process model that allows users to view MISMO–and MISMO-based, tools and resources–within the context of a typical mortgage’s life cycle. Industry practitioners can use the tool to access information about MISMO products within the context of the related business process.
Highlights of the MISMO Life of Loan Version 2023.02 include:
• Narrative updates to add Receive Final Title Insurance Policy and Endorsements and Perform Post Closing
• Narrative updates to modify the following topics:
– Verify VA Benefits
– Exchange Loan Application Data
– Obtain AUS Recommendation
– Create and Register eNote
• Narrative updates to add or update work product links to:
– Exchange Loan Application Data
– Determine e-Eligibility
– Perform eClosing
– Perform ESG Activities
– Perform Remote Online Notarization
– Produce Fee Sheet
– Review Closing Protection Letter
– Review Title Commitment/Prelim Report
– Verify VA Benefits
• Updates to the Online Life of Loan that include
– Refactoring Manage Escrow
– Updating Board Loan for BPMN 2.0 Conformity
The public comment period allows those who participated in the proposal at least 60-days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).
MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products to disclose them at this time in writing. All comments and disclosures are due by June 18, 2024, and should be directed to info@mismo.org.
MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee. Visit MISMO.org to learn how you can get involved.
