MISMO Publishes Updated Life of Loan Process Model

WASHINGTON, D.C. (June 20, 2025) – MISMO®, the real estate finance industry's standards organization, today announced the addition of decision models to the latest version of the MISMO Life of Loan Business Process Model. Industry practitioners can now access MISMO’s Ability to Repay and Application Threshold Decision Models, which are used to make decisions in compliance with RESPA and Regulation Z, via the Life of Loan Business Process Model.

“Decision Models are used to create a visual representation for expressing complex business rules and decisions,” said MISMO Acting President, Richard Hill. “They support end-to-end lifecycle management – from authoring and validation – to execution and exchange – across systems and platforms.” 

Decision Model and Notation Language (DMN) was developed by the Object Management Group (OMG) and adopted by MISMO for the mortgage industry. MISMO Life of Loan is an interactive business process model that allows users to view MISMO – and MISMO-based, tools and resources – within the context of a typical mortgage’s life cycle. 

Significant enhancements were made to the MISMO Life of Loan business process model. Highlights include adding new narratives related to housing counseling, electronic vaulting services, home equity loan products, reverse mortgages, producing a closing disclosure, getting title and settlement fees, and requesting a certificate of commitment from the Veterans Administration. The extensive list of updates to the model can be found at MISMO Life of Loan | MISMO

MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee. Visit MISMO.org to learn how you can get involved.