The mission of the Mortgage Insurance Workgroup is to design, develop, and maintain data standards in support of the mortgage insurance industry in the residential loan origination and servicing lifecycle. In addition, the Workgroup develops supporting documentation to provide guidance in the use of these data standards.
Current Goals and Objectives
The Mortgage Insurance Workgroup develops data specifications and data mapping guidance for MI Rate Quotes, MI Application, Loan Boarding, Servicing Transfers, MI Cancellations, MI Claims, MI Explanation of Benefits and MI Loan Activity Reporting. The group discusses adoption and implementation issues, collaborates with lenders and service providers and works on special projects in response to new and changing industry data requirements.
Major milestones and timeframes to support goals
- January 2017- MISMO 3.x I-Guide - Status Code list for successful/unsuccessful transactions
While the MISMO definition for the Status Codes defined is as " Code values exchanged between business partners relating to the condition of a status message", the MI companies would like to agree on a set of codes to be used by all MI's in response to a trading partner, so that trading partners can easily determine the success or failure of the transaction.
- January 2017- MISMO 3.x I-Guide - Messaging at the product level for Multi Product Rate Quotes
The MI's would like to define a new element that will provide messaging back to the trading partner when one (or many) of the MI Products ordered in a Multi Product Rate Quote transaction may not return a rate.
- June 2017- MISMO 3.5 I-Guide and Sample XML files supporting Industry Use Cases.
- Direct Lender Integrations
- Loan Origination System (LOS) vendors
- Product and Pricing Engine (PPE) vendors
- Loan Servicing System vendors
- Government-Sponsored Enterprises (GSEs)
- Government Agencies and Regulators (FHFA and CFPB)
Mike Mueller, Intergration Services Analyst, MGIC - Co-Chair
Kim Lafferty, Manager, IT Business Processes, Radian Guaranty Inc. - Co-Chair
Got a Question for the Workgroup? Contact the workgroup at INFO@MISMO.org