Frequently Asked Questions (FAQs)

1. What is MISMO®?

2. What is the scope of MISMO?

3. How are MISMO standards developed?

4. Where can I get the specifications?

5. Where can I find the MISMO Implementation Guides?

6. What is a General Information Guide?

7.  What is MISMO Connect and how do I get access?

8. Where can I get a sample MISMO file?

9. How can I become involved in MISMO?

10. How do I Become a MISMO member?

11. What are the benefits of being a member of MISMO?

12. When do MISMO workgroups meet?

13.  How is the MISMO organization structured? 

14. Does MISMO have a list of recommend/referred software?

15. May our company link to the MISMO site?

16. What if the standard doesn't contain a data point I need?

Answers

1. What is MISMO®?

MISMO stands for Mortgage Industry Standards Maintenance Organization.  MISMO® is the standards development body for the mortgage industry.  MISMO developed a common data language for exchanging information for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer. MISMO is a wholly owned subsidiary of the Mortgage Bankers Association.  For more information check out About MISMO. 

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2. What is the scope of MISMO?

MISMO specifications are available for the residential, commercial and eMortgage areas of the mortgage finance industry.  Residential standards are available for the entire end to end lifecycle of a mortgage loan.

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3. How are MISMO standards developed?

MISMO standards are established through a voluntary consensus process in accordance with OMB Circular A119 that is transparently managed and operated.  The MISMO Development Process Document provides policy guidance for the process by which model changes are reviewed and approved.  The process is collaborative and requires input and approval by multiple MISMO workgroups. Subject matter experts from all sectors of the mortgage finance industry participate in the process.  Approval of the standards is Standards development process is collaborative. Voting on proposed standards is limited to MISMO members only.

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4. Where can I get the specifications?

Approved versions of the MISMO standards are available in the Standards and Resources section of this website.   If you are unable to find the standard you are looking for, please send an e-mail to info@mismo.org requesting information.

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5. Where can I find the MISMO Implementation Guides?

MISMO Implementation Guides are created to provide industry participants with guidance for effectively leveraging the standards in support of solving specific business or technical problems. The guides area available for a wide range of topics from credit request response to HMDA reporting and implementation. These guides often serve as accelerators for an implementation.  All approved MISMO Implementation Guides can be found in the Standards and Resources section of this website.  

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6. What is a General Information Guide?

The Version 3.x MISMO General Implementation Guide contains a myriad of helpful information on topics such as:

  • How is the MISMO model structured?
  • What is the Logical Data Dictionary (LDD)?
  • What is the XML Schema?
  • What are the major elements of the Schema?
  • Programming guidance for implementing the standards; and,
  • XML Implementation Issues

General Information Guides are available for each major version of the standards.  They are a great place to start if this is your first MISMO implementation.

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7.  What is MISMO Connect and how do I get access?

MISMO Connect, our new collaboration tool, enables members to work together even more effectively than ever before.  Featuring workgroup community resource libraries; searchable discussion boards for on-line collaboration; and a centralized resource library that serves as the one stop shop for all approved MISMO specifications, products and publications MISMO Connect enables industry collaboration and the standards development process.  Access to MISMO Connect is limited to participants from member companies.  Access is granted automatically. 

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8. Where can I get a sample MISMO file?

Sample XML messages are often included version 3.x implementation guides to illustrate key points.  MISMO did not typically publish sample XML data files with our Version 2.x series of standards.

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9. How can I become involved in MISMO?  [Top]

10. How do I Become a MISMO member? [Top]

11. What are the benefits of being a member of MISMO? [Top]

12. When do MISMO workgroups meet?   [Top]

13.  How is the MISMO organization structured? [Top]

14. Does MISMO have a list of recommend/referred software?

As a standards development organization (SDO), MISMO does not recommend propriety software products.

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15. May our company link to the MISMO site?

MISMO provides links to member company websites from our official list of MISMO member companies and to MISMO alliance partners and related organizations in the course of developing standards for the mortgage industry. MISMO does not offer link exchanges to search engines, promotional or advertising sites. 

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16. What if the standard doesn't contain a data point I need?

Each container has a child EXTENSION container.  Business partners use the EXTENSION container to hold trading-partner specific data points that are not part of the MISMO standard.  The Extension container makes it possible to add additional content yet still validate against the MISMO standardized schema. Extension containers can have multiple child containers, and any number of data points within either a childless Extension container or each child container.  Business partners that need to add data to the MISMO standard must use the Extension container and should check with the MISMO working group supporting that container or category for the proper procedure for doing so.

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