Do You Know MISMO?
Every business today is a technology business. The challenge is finding ways to manage the growth of information technology and to turn its disruptive potential to your advantage. There is no question in my mind that legacy systems and the mortgage industry's tendency to be slow to adopt new technology are the biggest challenges facing mortgage players, especially the mega-lenders. Multiple systems and isolated, standalone data repositories create myriad problems on all fronts, from compliance traceability to cross selling hamstrung by inconsistent or conflicting data values that camouflage opportunity.
While MISMO®, the Mortgage Industry Standards Maintenance Organization, was established at the close of the last century, it can be argued that it's never been more important than it is right now. If you or your organization is not intimately involved with MISMO, you need to be in order to survive. If you or your business is actively participates in MISMO, please bear with me for a moment.
The mortgage industry operates in a wellregulated environment. If we look at the diagram, data is integral to the interactions in the industry. The right side starts with the regulatory agencies. Regulators define many of the policies and are increasingly defining how the industry communicates. This is also true for the housing agencies and the GSEs, where rules and program parameters have the look and feel of regulations. MISMO is increasingly the standard employed by regulators, housing agencies, and the GSEs to govern information exchanges. Even more telling, agencies like the CFPB have made it clear that their examination and data exchange tools will rely on and conform to the MISMO standard...Read More Here.