MISMO Seeks Public Comment on Application Threshold Decision Model and White Paper

November 1, 2022

Caitlin Groves
(202) 557-2849

WASHINGTON, D.C. (November 1, 2022) - MISMO®, the real estate finance industry's standards organization, today announced that it is seeking public comment on a new Application Threshold Decision Model and White Paper. The 30-day comment period runs through December 1, 2022. 

The Application Threshold Decision Model and White Paper were created by the MISMO Decision Modeling Community of Practice to demonstrate the impact of decision modeling in the mortgage process. This work product is a white paper and shareable decision model designed to determine when the application threshold is crossed, in accordance with the Application Threshold rule as expressed by the Real Estate Settlement Procedures Act (RESPA).

Many mortgage industry participants perform the Application Threshold decision using their own unique systems, which means there are no standard mechanisms for determining the Application Threshold across the industry.

The Application Threshold Decision Model and White Paper demonstrate how standardizing the process can enhance business efficiency and communication. The MISMO Decision Modeling Community of Practice recommends the Decision Model and Notation (DMN) as the standard for mortgage industry documentation, implementation, and execution of business rules and decisions. The white paper is accompanied by the Application Threshold decision model expressed as a shareable DMN XML file.

This public comment period allows those who participated in the proposal’s 30-day notice period 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 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 are due by December 1, 2022, and 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 more information about MISMO and how to join, visit mismo.org.