Certified MISMO Standards Professional -

Exam Study Guide

Objective of the CMSP Exam:

The CMSP exam intends to require the successful participant to demonstrate the baseline level of knowledge required to navigate the MISMO Reference Model; apply key concepts from Model to solve real-world business problems; effectively participate in the standards manufacturing process and advocate for the adoption of industry standards.

CMSP Exam Objectives:

1. Understanding the MISMO Organizational Structure

2. Participating in the Standards Development Process

3. Understanding the MISMO Reference Model (LDD and XML Concepts)

4. Navigating the MISMO Reference Model and Applying Key Concepts

5. Articulating the MISMO Value Proposition Within the Mortgage Finance System

Course Reference Materials:

1. Version 3.x General Information Guide

2. MISMO Engineering Guidelines (MEGs)

3. MISMO Reference Model (Logical Data Dictionary and XML Schema)

4. www.mismo.org

5. MISMO Governing Documents

a. Bylaws

b. Policies and Procedures

c. Intellectual Property Rights Policy

d. AntiTrust Policy

e. Residential Development Process Document

6. OMB Circular A119

7. MISMO IGOL courses

The following section of this document details exam topics and learning concepts organized by CMSP Exam Objectives. Each section also recommends study resources.

Exam Objective 1: Understanding the MISMO Organizational Structure

Description: Includes questions about the framework that makes MISMO possible.

Learning Concept Statements and Corresponding Topics:

  • General understanding of the MISMO organization and why it exists including how the organization is structured and what the standards include.
  • Understanding of the concepts of a voluntary consensus process for standards development and why it they are important to MISMO (OMB Circular A119 Section 2 and Section 4)
  • Knowledge of the distinctions between members versus non-members
  • Recognition that MISMO is run in accordance with policy and procedure as documented in the MISMO Governing Documents. Familiarity with key concepts from the MISMO Bylaws, P&Ps, IPR, Antitrust Policy and the Development Process Document.

Recommended Resources:

  • www.mismo.org
  • MISMO Governing Documents especially the Bylaws, P&Ps, IPR, Antitrust policy and the Residential DPD
  • MISMO Fundamentals course documents

Exam Objective 2: Participating in the Standards Development Process  

Description: Participants will be required to demonstrate a general knowledge of the standards development process, including the important players that are critical to the process. They will be required to demonstrate how to effectively navigate the process.

Learning Concept Statements and Corresponding Topics:

  • Able to differentiate between standards and work products.
  • Knowledgeable regarding additional work products that MISMO creates including types of work products and how they can be accessed.
  • Familiar with the various types of workgroups, the role each workgroup plays in the organization and leadership roles and responsibilities associated with various types of workgroups.
  • Strong knowledge of the Standards Development Process and how to effectively bring a proposed model enhancement through the process.

Recommended Resources:

  • www.mismo.org
  • Residential Development Process Document
  • MISMO Fundamentals - Lesson 1

Exam Objective 3: Understanding the MISMO Reference Model (LDD and XML Schema Concepts)

Description: Participants will be required to demonstrate knowledge of key concepts required to navigate the MISMO Reference Model including the Logical Data Dictionary (LDD) and the XML Schema.

Learning Concept Statements and Corresponding Topics:

• Understanding the MISMO Reference Model

o LDD

 General information such as how to access and what is included

 Knowledgeable regarding MISMO naming conventions

 Able to define and understand key aspects of the following:

 Data points

 Containers

 Attributes

 Arcroles

 Enumerations

 DataTypes 

 Acronyms

 Usages

 Deprecation

 Context

o XML Schema

 Able to define and understand key aspects of the following:

 Root elements

 References

 Relationships

 Extensions

 Demonstrates an understanding of MISMO versioning notation and implied meaning of the concept of a major versus a minor version.

Suggested Resources:

  • Residential Development Process Document (DPD)
  • Version 3 General Information Guide
  • MEGs 7, 8, 10, 16, 21, 36
  • Class 1 (Esp. Lessons 2 & 3); Class 2; Class 3 and XML Primer

Exam Objective 4: Navigating the MISMO Reference Model and Applying Key Concepts to Real Examples

Description: Participants will be required to answer questions that require them to navigate the Reference Model and or to apply key Reference Model / XML concepts to example situations (e.g., what is the enumeration of XX data point; questions about Party/Doc/Deal containers, etc.) Key resources for this section will be MISMO IGOL course work; the Version 3 General Information Guide and actual participation in the workgroups.

Learning Concept Statements and Corresponding Topics:

  • Schema representations (separated, combined) including data types and how they affect implementations.
  • DOCUMENT
    • Understand the version 3 concept of documents, document views, and document maps.
    • Understand the background and structure of a SMART® document. 
  • Be able to identify where the SERVICE container (and sub-containers) are located in the XML schema and that these are the enumerated defined services in the Reference Model
  • Identify how to represent commonly used information within the reference model such as Borrower, Property/Collateral, Loan, Service request/response, etc.
  • Understand the different ways in which an organization's internal data model can use or extend MISMO data types, data points, and/or containers.
  • Knowledge of the namespaces in the MISMO Reference Model.
  • Know how data points and containers are represented in business use cases or scenarios particularly specific to capturing Min/Max values and documenting whether or not a condition is required, conditionally required or optional.
  • Differentiate between Reference Model Version 2 and Version 3

Suggested Resources:

  • Version 3 General Information Guide • MEGs 3, 25, 33
  • MISMO Reference Model (LDD and XML Schema)
  • eMortgage SMART Doc FAQ 
  • XML Primer; Class 2; Class 3

Exam Objective 5: Articulating the MISMO Value Proposition within the Mortgage Finance System

Description: Participants will be required to answer questions about the benefits of adopting MISMO standards; benefits of participating in MISMO and the standards development process; why it is important that MISMO follows a voluntary consensus process for standards development (OMB Circular A119); and general information about the framework / industry context that MISMO lives in (e.g., agency adoption; rules / regulations that require MISMO, etc.)

Learning Concept Statements and Corresponding Topics:

  • Knowledge of the Benefits of adopting the MISMO standards:
  • Able to articulate why someone should get involved in MISMO (aka the benefits of participation):
  • Recognition of the wide variety of ways that someone can participate in MISMO
  • Familiar with high level aspects of agency adoption of the MISMO standards.  
  • High level knowledge of recent regulatory items that reference or call for use of the standards

Suggested Resources:

  • Daily Mortgage News Clips
  • MISMO Summit Educational Presentations
  • Workgroup Participation