MISMO Membership Transition Letter
June 14, 2016
Dear MISMO Member, Seventeen years ago, a group of volunteers began working on the residential finance industry's only common data language. Since then, MISMO's standards have been widely adopted across the industry. They've helped lenders comply with regulatory reporting requirements and made mortgages simpler and less costly for consumers by supporting paperless processes. MISMO could not have done all of this without your help. And yet, our work is just beginning.
Through recent press coverage, you may have heard that MISMO is changing its subscriber, or membership structure. The objective of this change is to make it easier for lenders, service providers, government agencies and others to join MISMO and to participate in the important standards setting function of the organization. Continuing regulatory changes, investor reporting requirements, and the evolution towards consumer friendly digital mortgages drive the need for standards developed by MISMO. Just imagine how costly and confusing it would be if regulations such as TRID and HMDA could not utilize MISMO standards.
To ensure that MISMO serves the needs of all industry participants, we will soon implement changes to our membership structure. Beginning January 1, 2017, a single corporate membership will replace our current tiered membership structure. This means that our current membership levels (Bronze, Silver, Gold, Platinum and Diamond) will be eliminated, and a single corporate membership plan will be offered for all organizations. The annual corporate membership fee will be $2,500. For sole proprietors or individuals without corporate sponsorship, an Individual level membership will be retained. The annual individual membership fee will be $500. Bronze level members will pay $2,000 on Jan. 1, 2017 and $2,500 on Jan. 1, 2018. All MISMO members will receive the same benefits.
As part of the change to the MISMO membership structure, we will also be converting all memberships to a calendar year and replacing the word "subscription" with "membership" on membership invoices. For those companies where the renewal date falls between July 1and December 31, 2016, we will prorate the fee for the remainder of 2016. This proration will be seen on your renewal notice. If desired, MISMO can include the proration for 2016 with the fee for 2017. Please contact firstname.lastname@example.org if you would like a combined invoice.
Under the new membership structure, all MISMO members will receive the same privileges. Members who currently participate at higher levels of membership will be able to continue to receive the same level of complementary event registrations and recognition at industry conferences should they chose to participate in the new MISMO leadership program that will be announced in the coming days.
We believe these changes will increase participation in MISMO, enhance industry collaboration in the standards development process, and ensure MISMO continues to support solutions to the industry's most critical business challenges. In turn, broader participation in MISMO will also ensure our organization has the resources to create new products and services, generating even greater value for our members.
We hope we can count on your continued support as we begin this exciting new chapter in MISMO's amazing history. If you have any questions at all, please do not hesitate to send a message to email@example.com or contact me directly at 202-557-2715.