MISMO Seeks Public Comment on Mortgage Compliance Dataset
MISMO, the real estate finance industry’s standards organization, announced that it is seeking public comment on a new Mortgage Compliance Dataset (MCD) specification. The new dataset will standardize the exchange of information used by state and other regulators for loan portfolio review examinations. The 60-day public comment period runs through June 14, 2024.
The MCD is an industry standard loan data file. State and federal regulators will use the MCD to perform compliance testing of closed loans as part of mortgage origination compliance exams. Mortgage lenders will use the dataset to perform compliance testing of loans throughout the loan origination and post-closing processes.
The MCD specification is a conversion of a fixed format Loan Examination File (LEF) to the XML schema-based version 3.6 of the MISMO Reference Model. As a companion to the MCD specification, MISMO has published a schema file to assist with development efforts. This extended MCD schema includes all data points that are not in the MISMO Version 3.6.0 Reference Model. Use of the schema extension file will enable schema validation on the data terms in this specification.
Utilizing MISMO data terms and structures allows users to leverage the same data terms used in other agency reporting and data exchange across the mortgage industry and the mortgage lifecycle. This enhances data accuracy, creates processing efficiencies, and allows the file to be updated more easily as needed over time.
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 14, 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.
