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MISMO Accomplishments

MISMO creates essential standards designed to increase efficiency, accelerate our industry’s digital transformation, and enhance the interoperability of data, systems, and technology platforms in real estate finance.

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.

Major accomplishments for MISMO:

MISMO 2023 HW Tech100 Award: For the third consecutive year, MISMO won HousingWire’s Tech100 Award, which recognizes the most innovative technology organizations in the housing economy.
Version 3.6 of the MISMO Reference Model: We made critical updates to the foundation of most MISMO standards today and will shape every new dataset, API, and SMART Doc® in the coming years. This latest release includes critical changes that support the GSEs’ updated residential appraisal data exchange, Uniform Appraisal Dataset (UAD®); Private Label RMBS rating agency asset valuation data exchange; exchange of closing instructions enabling communications between lenders and closing agents; an updated SMART Doc® standard that enhances the ability to electronically verify that documents and data are consistent; enhancements to the MISMO API Toolkit; leveraging MISMO’s initiative to develop standards for consumer transactions, and more.
Convening Industry to Identify and Address Operational and Technology Impacts of the FHFA Credit Score and Reporting Requirements: MISMO has a unique ability to convene the industry. We especially put that to work this year by leading industry efforts to surface and discuss potential operational and technology impacts of the FHFA Credit Score and Reporting requirements.

Below are a few highlights of the accomplishments MISMO achieved to improve efficiency and reduce costs:

Servicing Transfers Catalog: A playbook of best practices supporting the timely and accurate transfer of residential loan information, facilitating uninterrupted loan servicing, and reducing potential negative effects to both the borrower and the new transferee servicer.
Data Governance and Management Resource: Published the Data Governance and Management Program Implementation Resource Package, which includes a series of templates, guides, and educational resources that can be used to establish a Data Governance and Management program within an organization.
Consumer-Facing Charge and Fee Guide: Developed to promote the uniform application of fee names and descriptions for the purpose of creating consistency across the industry and to facilitate efforts to comply with regulations.

MISMO also made substantial progress in enhancing the interoperability of data, systems, and technology platforms:

Private Label RMBS Specification and Implementation Guide: This key resource provides a standard well-defined set of data that can be used by rating agencies to determine the ratings applied to securitizations leading to more efficient PL RMBS securitization.
Closing Instructions Templates and XML Mapping Specification: Newly published, this specification reduces the risk of issues at the closing table.
Industry Loan Application Dataset (iLAD) Enhancements: MISMO published enhanced versions of iLAD to facilitate the efficient exchange of loan application data.
Title Docs to Data Work: MISMO is working to map all pre-close, close, and post-close title and closing forms to the MISMO Reference Model creating new standard datasets.
Department of Veterans Affairs (VA) Takes on the MISMO Model: MISMO recently launched a collaboration with the VA to create standard datasets for each VA form, similar to the Title Docs to Data work, enabling more efficient exchange of data associated with VA forms.
Continued building on the API Toolkit to flatten the MISMO model and enable the industry to build applications to trade smaller amounts of data.

And MISMO delivered value to the industry through initiatives that are accelerating our industry’s digital transformation:

SMART Doc® Version 3 Verifiable Profile Standard: This specification restores trust into the data and is a key component in MISMO’s mission to accelerate a fully digital mortgage process. A V3 Verifiable Profile SMART Doc® can lock together data and presentation, or form, in such a way that it can be system-validated to guarantee the integrity of the document.
Certified thirty platforms as meeting MISMO’s RON standards and four as meeting industry eClosing requirements, respectively.
Setting the Standards for eVaults: MISMO is taking critical steps toward creating eVault standards that foster interoperability among eVault providers. This is a key step in developing standards that improve the current process, enhancing digital mortgage scalability, and ensuring the seamless transfer of eNotes to facilitate their sale to investors.
Significantly enhanced the Digital Mortgage Resource Center that assists organizations with the transition to digital loan processes.

Below are a few highlights of the ESG related accomplishments MISMO achieved:

Commercial Green Borrower Questionnaire, an industry resource for standardizing the collection of environmental information by lenders from borrowers;
ESG Data Implementation Considerations and Reference Materials: MISMO published the new Defining the E and S Reference Guide and the related Data Implementation Considerations Guide which include a list of terms, mapped to the MISMO ESG Framework, and rationale for why included terms should be considered “S” or “E”. The guides are designed to assist in identifying data elements that could be leveraged by lenders, investors, and trading partners to gather environmental, social and governance (ESG) information as a way for investors to align investment decisions with their goals and values
Flood Risk Disclosure Guide: Endorsed by the CFPB, this guide is a key resource for borrowers to better understand and research the environmental risks that may be associated with a property before they purchase.

Beyond the numerous standards and helpful resources published this year, MISMO continues to make significant progress on many other high priority initiatives, including:

Two new initiatives that are moving forward have the potential to ease significant friction for lenders.
- The first will standardize the Regulatory Loan Examination File submitted by lenders to state regulators.
- The second will build a standardized Housing Counseling dataset for housing counseling agencies to exchange information with their lender partners, improving connectivity in this vital relationship.

We’ve also continued to enhance and maintain key industry resources including:

Product Certification Assessment Program: This redesigned program supports improvements to interoperability of industry data exchanges by ensuring that an interface, data exchange, or API complies with MISMO standards.
An Enhanced Logical Data Dictionary (ELDD) that enables business and technology professionals to easily find out which data elements are available within the MISMO Reference Model and shows how each data element fits into the Logical Data Model, XML Schema and API Toolkit.
MISMO Business Glossary, an enhanced online resource of mortgage industry business terms and data point descriptions enabling easy access via hashtags to the list of terms associated with iLAD, ULDD, UAD, UCD, and much more.
MISMO Life of Loan, a high-level business process model depicting common activities that may occur over the life of a mortgage loan.

Finally, MISMO’s membership roster exceeded 350 members this year including the GSEs, FHLBs, housing agencies, and regulators among others, cementing MISMO’s status as a unique forum for collaboration across the industry when it comes to initiatives that tackle business, operational, and technological challenges.

Learn more about MISMOs recent accomplishments and other news at MISMO News.

Learn also how you can participate in a MISMO workgroup.

Don’t just listen to us, hear what some of our MISMO participants are saying: