MISMO Calls for Participation in New Work Group Focusing on Fee Modernization and Standardization

MISMO®, the real estate finance industry’s standards organization, announced a call for industry professionals to join a new development work group (DWG) that will focus on fee modernization and standardization.

Using the previously published Consumer Facing Charge and Fee Naming Guide as a starting point, the DWG will map the data to MISMO v3.3 and v3.6, updating the MISMO Reference Model Fee structure as necessary and develop implementation guidance for use of the fee structures for Loan Estimate and Closing Disclosure exchanges. The DWG, initiated by Freddie Mac and Fannie Mae (the GSEs), will also use information collected during the GSEs’ recent Uniform Closing Disclosure (UCD) Critical Edits Phase 3 initiative, which focused on delivering valid fee type enumerations using MISMO v3.3.0.

“The GSEs’ experience has shown the need to increase available enumerations and clarity of structures for categorizing fees so that they can be logically classified and aggregated,” said David Coleman, MISMO President. “This effort is part of MISMO’s work to enhance interoperability throughout the industry.”

• Individuals interested in joining this group who are already MISMO Members may join the Fee Modernization Development Workgroup collaboration site that has been established on MISMO Connect. Those not already members of MISMO who would like to participate should contact info@mismo.org. The group will hold regular meetings via video conference call.

MISMO, the Mortgage Industry Standards Maintenance Organization, works to solve key business challenges. This is made possible by lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join visit MISMO.org.