About MISMO
MISMO®, the leading technology standards development body for the residential and commercial real estate finance industries, is a wholly owned subsidiary of the Mortgage Bankers Association. The MISMO standards are grounded in an open process to develop, promote and maintain voluntary electronic commerce procedures and standards that allow mortgage lenders, investors in real estate and mortgages, servicers, industry vendors, borrowers and other parties to exchange real estate finance-related information and eMortgages more securely, efficiently and economically.

An all-volunteer organization, MISMO promotes data consistency among transaction participants, reduces processing costs, increases transparency, and boosts investor confidence in mortgages and real estate as asset classes while permitting cost savings to be passed on to borrowers and other customers.

Mission Statement
MISMO was created to promote and support the common business interests of the Commercial and Residential Mortgage Markets. Its mission is to benefit industry participants and consumers of mortgage and investment products and services by:

• Fostering an open process to develop, promote, and maintain voluntary electronic commerce procedures and standards for the mortgage industry, and
• Enabling mortgage lenders, investors, servicers, vendors, borrowers, and other parties to exchange real estate finance-related information and eMortgages more securely, efficiently and economically.

Background
More than 150 subscriber organizations, including mortgage bankers, lenders, servicers, vendors and service providers, support MISMO’s efforts. MISMO’s Board of Directors, advised by a Governance Committee elected from a cross section of the industry, provides oversight for MISMO's administration and policy development. MISMO has working agreements with other major data standards development organizations and has developed a repository of industry data elements stored in a common data dictionary used to create all MISMO transactions.MISMO supports free and open access to the final releases of its standards, which enables companies to begin integrating MISMO standards into everyday business practices immediately.

Volunteers work interactively, using this Web site, electronic balloting, Listservs, a Web sharing platform, a wiki, conference calls, three face-to-face meetings per year, and periodic interim meetings. MISMO follows a democratic approach to the development and maintenance of a comprehensive set of standards and data points for all stages of the mortgage loan life cycle. Published specifications support the following processes:

• Underwriting,
• Mortgage insurance application,
• Credit reporting,
• Flood and title insurance,
• Property appraisal,
• Loan delivery,
• Product and pricing,
• Loan Servicing, and
• Secondary mortgage market investor reporting.

MISMO has identified two deliverables that will enable the mortgage industry to share data among trading partners.

• An XML architecture that encompasses data origination, secondary market and servicing data
• A data dictionary to provide business definitions and corresponding architecture data element tag names

For further information contact info@mismo.org .