MISMO to Create eNote Validation Decision Model
MISMO®, the mortgage industry standards organization, invites mortgage industry participants to join its new practice community, which is developing a decision model to validate eNotes, a key component for digital mortgages.
The new MISMO group will be responsible for incorporating MISMO standards into creation of a decision model that can be used to validate the underlying document structure and data of electronic notes. The group will also document and publish validation rules that can be used in creation of eNotes. The validation rules will follow the Decision Model and NotationTM (DMNTM) standard to promote interoperability and exchange among mortgage industry participants.
“ENotes are an important component of digital mortgages and to the future of the mortgage industry,” said MISMO Executive Vice President and Mortgage Bankers Association Vice President of Industry Technology Rick Hill. “By enabling industry collaboration to create new decision models and validation rules, MISMO is providing tools that help all parties involved in the mortgage process.”
Among its tasks, the new workgroup’s responsibilities include reviewing current eNote standards, building a new decision model and creating implementation guides for lenders and investors.
DMN was established by the Object Management Group to provide a common notation that is readily understandable by all business users, from business analysts needing to create initial decision requirements and more detailed decision models; to technical developers responsible for automating decisions in processes; and to the business people who will manage and monitor those decisions.
DMN is designed to be useable alongside of Business Process Modeling NotationTM (BPMNTM), the standard business process notation. In addition to hosting the new DMN practice community, MISMO will develop educational material about DMN and its role in the mortgage industry in addition to sharing best practices for decision modeling.
Those interested in participating in this collaborative, industry-wide effort can send an email with the subject “Join MISMO’s eNote Validation Community” to info@mismo.org by June 11. More information on this industry-wide effort is available at http://www.mismo.org/get-started/participate-in-a-mismo-workgroup/enote-validation-rules-dwg.
About MISMO
The Mortgage Industry Standards Maintenance Organization was created in 1999 to develop a common language for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages and are required by most regulators, housing agencies and GSEs that govern exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.
