Home > About MISMO > Why MISMO
MISMO standards save time, reduce costs and improve data accuracy and transparency while passing cost savings to consumers. Through the support of its 150 subscribers,MISMO provides free and open access to the final releases of its standards. This access enables companies to begin integrating MISMO standards into everyday business practices immediately. Organizations adopting MISMO standards gain the ability to operate more efficiently and improve their bottom lines. Below are just a few reasons to adopt MISMO.
Companies using MISMO standards can reduce costs of data management, data quality and interface development. One service provider reported using MISMO standard XML data transactions reduced interface development time from six months to a few weeks.
Mortgage Bankers Association (MBA) research indicates that significant cost savings, income gains and process efficiencies are attainable through the use of standards.
Mortgage bankers, lenders, servicers, vendors and service providers are adopting MISMO standards to promote consistent data use and understanding throughout the industry. Use of one common set of data can dramatically improve data quality and purity and thereby boost investor confidence in mortgages as an asset class.
"GMAC ResCap has reaped the benefits of MISMO for many years in a wide variety of areas and has utilized MISMO to act as the critical foundation for our SOA platform, which enables business transactions with trading partners, define the common data elements for our Enterprise Data Warehouse, and build and provide an eVault service to our customers. By using MISMO our company has reduced costs, enhanced speed to market and improved data quality. MISMO is truly a core technology strategy for GMAC ResCap. ”
-Rob Lux , Chief Technology Officer, GMAC ResCap
"The use of the MXCompliance process is helping accelerate the adoption of MISMO standards among mortgage industry trading partners. And MISMO is always delighted to see more technology vendors working to get their products certified—it makes the mortgage process faster and more affordable for both lenders and borrowers.”
-Ron Duff , SVP of IT, Fiserv Lending Solutions
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