MISMO FAQs

What is MISMO?

MISMO^® is the standards development body for the mortgage industry.  Through broad industry collaboration, MISMO creates standards that support solutions to the industry's toughest operational, technology and implementation issues. MISMO serves as a platform for the industry to coalesce around impactful industry issues and work to address them collaboratively.  MISMO developed and maintains a common language for exchanging information for the mortgage finance industry. 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 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 standards are grounded in an open process to develop, promote and maintain voluntary consensus-based standards that allow participants in the mortgage industry such as mortgage lenders, investors in real estate and mortgages, servicers, industry vendors, borrowers and other parties to exchange information more securely, efficiently and economically.

MISMO is a subsidiary of the Mortgage Bankers Association.    

How does the mortgage finance industry, and especially lenders, benefit from MISMO?  

MISMO provides tremendous value to the entire mortgage finance industry by enhancing the interoperability of systems, improving efficiency, reducing costs, and accelerating the ongoing digital transformation of our industry.

Nearly every residential loan manufactured today uses MISMO standards.  Many industry information exchanges are based on MISMO standards including all exchanges included in the GSE UMDP program as well as exchanges required by FHA, Ginnie Mae, VA and the USDA.  MISMO collaborative efforts significantly contributed to the industry evolution from paper-based processes to digital including areas such as eSignatures, eRecordings, and eNotes.  Every eNote is a MISMO SMART Doc^®. Over 2 million eNotes have been registered with MERS.

MISMO is committed to leading efforts in creating a better digital mortgage experience for all parties involved in a real estate transaction. MISMO will continue to help organizations communicate more efficiently, as new technologies are introduced and evolve.  

MISMO solutions lead to lower costs throughout the mortgage process; reduced friction as information is shared effectively between the various parties in the mortgage transaction; faster, more efficient loan closings; enhanced innovation across the industry; improved regulatory and counterparty compliance; and reduced levels of fraud.   

Check out MISMO’s Recent Accomplishments and News.