Business Glossary Development Workgroup
Industry-wide use of a common language is critical for effective, efficient, and flexible business practices. A common language helps mitigate risk, improves consumer understanding and satisfaction, and reduces costs. MISMO, the mortgage industry's standards organization, has succeeded in creating a common terminology that is used for communications between lenders, service providers, regulators and others. While existing MISMO standards have greatly improved business to business technology communications, their (often necessary) complexity has made it difficult for non-technical industry participants (i.e. business users) to understand and utilize the standards.
To reduce complexity and enable broader use of MISMO, MISMO participants have determined that a new Business Glossary is a necessary addition to the existing MISMO suite of standards and guides. The new MISMO Business Glossary, along with MISMO's recently announced plans to create a Business Reference Model and a Logical Data Model, will permit business oriented professionals to have access to clear, understandable terms and definitions; links to how data are used in various business processes; and filtered views of the model. MISMO has created the new Business Glossary Development Workgroup to address these needs and invites you to participate in this rewarding effort.
Current Goals and Objectives
The Business Glossary Development Workgroup will create a business friendly glossary of terms to describe items of interest to the mortgage finance industry. Like most glossaries, the MISMO Business Glossary will include terms, definitions and allowable values. But the MISMO Glossary will not stop there - we will also document common business processes, business events, calculations, documents, forms and much more. The inclusion of all of this information will enable business and technology professionals to create views of various business processes, the data that is used or produced by the processes, and dictionaries of terms that are used within a process. When complete, the business glossary will make it easier for lenders and other mortgage organizations to leverage MISMO standards as well as MISMO products and collateral to fulfill their unique business needs and goals. Workgroup deliverables will include:
- The aforementioned robust business glossary;
- Guides for utilizing the Business Glossary;
- Other items as determined by the workgroup.
Randy Gillis, Black Knight
Amy O'Connor, Nexsys Technologies
Got a Question for the Workgroup? Contact the workgroup at INFO@MISMO.org