MISMO Seeks Public Comment on New Adverse Action Notice Dataset

WASHINGTON, D.C. (March 23, 2022) - MISMO®, the real estate finance industry's standards organization, announced today that it is seeking public comment on its new dataset standard that maps to a sample Adverse Action Notice form and accompanying XML file. This sample Adverse Action Notice, titled Statement of Credit Denial, Termination, or Change Form and accompanying XML file, delivers crucial document data mapping capabilities that lenders can use when reporting adverse credit decisions. The 60-day public comment period for this dataset runs through May 23, 2022. 

This new dataset addresses the fact that there are a variety of credit denial documents in use across the mortgage industry. This MISMO solution standardizes the content and formatting of such documents to enable more consistent and efficient communication between lenders and consumers during the credit vetting process.

MISMO’s Adverse Action dataset is comprehensive, featuring the data points included in existing variations of credit denial documents and representing a “typical” notice in terms of the form template text, sample loan file data and document field data mapping to MISMO v3.5 (including v3.6 extension). The accompanying sample XML file demonstrates the format required for dataset use. Together, this information package provides lenders and vendors a MISMO-standard method for completing credit denial forms in order to minimize errors and increase efficiency. 

This public comment period allows those who participated on the proposal at least 60 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). 

MISMO requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures should be directed to [email protected].

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.