The MISMO standards encompass a broad range of function points within the mortgage process. On the residential side, the 2.x and prior versions of the standard are modeled around specific transaction sets. There is a specification for each process area (e.g. credit, flood, appraisal, title). The individual specifications for each transaction set can be found in the Specifications section. However, with Version 3.x, MISMO will develop a common architecture and logical model that promotes a centralized view of the mortgage transaction with the explicit context and definition around usages and terms for broad adoption. Under this model, there will still be individual transactions for the process areas however they will derive from the same model and therefore remain consistent in ther representation and implementation. More information on Version 3.x can be found on the Strategic Vision or Version 3.0 pages.

The first step in implementing the standard is to work with your trading partner to identify the transaction set you wish to implement and the specific version of the standard supported by the trading partner. For example, the latest version of the flood transaction is v2.4 but not all trading partners support the latest version so it’s important to verify you and your trading partner are on the same version. Some trading partners provide their own integration guide to use in conjunction with the standard. It’s important to ask for and obtain the integration specifications from your trading partner if applicable (these specifications are not part of the MISMO standards).