MISMO Press Release - MISMO® Releases HMDA Implementation Toolkit
WASHINGTON, D.C. (July 14, 2016) - MISMO, the Mortgage Industry Standards Maintenance Organization, today released a set of products to help companies implement the new Consumer Financial Protection Bureau (CFPB) Home Mortgage Disclosure Act (HMDA) rule. These tools, collectively referred to as the HMDA Implementation Toolkit (the Toolkit), offer a comprehensive collection of guidance, mapping documents, and other information about the rule and the use of MISMO in meeting the requirements of the rule. In particular, the tools help companies build upon existing reporting requirements such as the GSE Uniform Mortgage Data Program (UMDP). By building upon already existing reporting requirements, companies should gain efficiencies in developing and maintaining their HMDA solution.
"The industry participants who collaborated to create the new Toolkit did a remarkable job of developing clear and concise operational and implementation guidance from the complexities of the revised HMDA regulations" said Mike Fratantoni, President of MISMO and Chief Economist and Senior Vice President of Research and Industry Technology at the Mortgage Bankers Association. "This will be extremely valuable to lenders as they begin to prepare for HMDA reporting under the new rule."
The Toolkit is a comprehensive package of implementation guidance, business scenario examples, mappings and sample XML. It outlines the new HMDA Loan Application Register (LAR) requirements and provides guidance on how to best leverage the value of the MISMO standard as it applies to HMDA reporting requirements.
"The HMDA Implementation Toolkit represents an important milestone for MISMO by extending the traditional tools offered to help institutions simplify the implementation of the evolving industry data standards" said Randy Gilster, Senior Vice President, Wells Fargo and Chair of the Residential Standards Governance Committee. "The HMDA Implementation toolkit is the first of a new generation of comprehensive business oriented tools and solutions offered by MISMO."
The MISMO HMDA Implementation Toolkit is available as a member benefit to MISMO members and is available to all other industry participants for a small fee. Additional information about the Toolkit is available on www.mismo.org or at firstname.lastname@example.org.
MISMO® is the standards development body for the mortgage industry. MISMO developed a common data language for exchanging information for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer. MISMO is a wholly owned subsidiary of the Mortgage Bankers Association. For more information, visit www.mismo.org.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mba.org.