MISMO Updates Standards To Support TRID, Other Initiatives

MISMO released Version 3.4 of its MISMO Reference Model for public comment. The public comment period will remain open through Friday, December 4.  

Version 3.4 is expected to be elevated to Candidate Recommendation status shortly thereafter.  

“Everyone is aware of the significant number of new regulatory and investor requirements facing the mortgage industry” said Rick Hill, MISMO executive vice president. “MISMO is focused on helping the industry by updating the standards to assist in complying with the regulations.”  

Version 3.4 contains important updates to support the TILA/RESPA Integrated Disclosures rule, the proposed Home Mortgage Disclosure Act rule and the government-sponsored enterprises’ Uniform Mortgage Data Program.  

“The collaboration within MISMO among the lending community, service providers, government, investors and others is instrumental in developing standards that solve business problems,” Hill said. “MISMO and its many active participants are pleased to provide this update to help industry respond to new regulations in a timely manner.”  

Version 3.4 of the MISMO Reference Model includes enhancements specific to the Consumer Financial Protection Bureau’s Know Before You Owe or TRID rule; the CFPB’s proposed HMDA rule; the GSEs Uniform Closing Dataset and Uniform Loan Application Dataset; evidence of compliance with the CFPB’s National Servicing Rule; HUD Document Types; Foreclosure and Bankruptcy data; and credit reporting liability trend and credit score category version information.  

Full details on model enhancements can be found in the Version 3.4 Release Notes (http://www.mismo.org/Specifications/ResidentialSpecifications.htm) and Version 3.4 of the MISMO Reference Model (http://www.mismo.org/Specifications).  

Any comments regarding Version 3.4 should be e-mailed to info@mismo.org.  

Use of MISMO Standards is governed by the MISMO Intellectual Property Rights Policy. For more information on the policy, click http://www.mismo.org/files/PolicyDocuments/IPRPolicy-PDF.pdf.    


MISMO® is the voluntary standards development body for the mortgage industry. Voluntary use of MISMO standards reduces processing costs, increases transparency and boosts investor confidence in mortgages as an asset class, while creating cost savings for the consumer. For more information, visit www.mismo.org