"MISMO is Synchronizing Fee Terms Across the LE and CD"
Participants within the mortgage industry are making forward strides at MISMO, in multi-faceted ways, based on regulations that were promulgated and implemented recently. One such group is the MISMO Fee Naming Development Work Group which is comprised of a collaborative cross-section of the industry including service providers, lenders, and vendors to further enhance business process improvements in the area of standardizing the most commonly used mortgage fee terms and definitions and express them in a more relevant way to consumers when generating and presenting disclosures.
This new fee artifact is known as the Consumer Disclosure Fee Dictionary which contains approximately 100 of the most commonly used fee terms and definitions. It is designed to help all the participants across the lending life cycle, such as real estate agents, loan officers, underwriters, closing agents, settlement agents, funders and most importantly; consumers at closing, so they understand the various types of fees involved in the mortgage product they are getting. The Consumer Disclosure Fee Dictionary brings uniformity...Read More Here.