Innovation Investment Fee

About the MISMO® Innovation Investment Fee 

As our mortgage industry grows and evolves it is clear that the future is digital. And the pandemic has revealed a strong consumer preference for online capabilities. But without consistent standards, applied end-to-end and across the industry, disparate technology cannot effectively drive down cost, increase speed and generate higher customer satisfaction and retention.  

MISMO, the industry's standards organization, is ramping up to enable all industry participants to finally speak the same language. Speeding the development of industrywide standards benefits lenders of every size and business model by reducing friction and improving the integration and flow of data across the entire industry.  

MISMO is working to enable lenders to create greater efficiencies, lower costs and better online experiences for consumers. In order to meet these goals it is essential that the industry adopt MISMO standards.  

What you Need to Know about the Innovation Investment Fee  

As previously announced, the MBA and MISMO boards of directors endorsed a funding model of a $0.75 fee for all new loans. The initial billing will occur in early February 2021. For the first year only, the bill will include originations for the six-month period from July 1, 2020 through December 31, 2020.  

  • The fee will be calculated once a year based on prior year MERS® System registration volumes with billings expected to be issued each year on February 1st. For example, an organization that originates 1,000 loans will receive a bill for $750 (calculated as $0.75 times 1,000 loans registered on the MERS® System).
  • For loans originated in 2021 and forward, the Innovation Investment Fee will be calculated based on full year origination volume.
  • MERS has agreed to serve as the billing agent for the MISMO Innovation Investment Fee for loans that are registered on the MERS® System by calculating the fee and sending an invoice. All fees paid will be remitted by the lender directly to MISMO. No innovation investment fees will be retained by MERS. MERS is performing this function as a service to MISMO and the industry.  
  • Organizations that pay the Innovation Investment Fee will receive a license for the 2021 calendar year to use and implement MISMO standards for non-commercial purposes.

   Call to Action for Lenders  

  • Lenders are encouraged to include the MISMO Innovation Investment Fee in their 2021 budget planning.
  • Lenders are encouraged to set up MISMO as a valid vendor within their Vendor Management systems. Information to support set up is available here. Inquiries for additional information should be sent to MISMO at
  • Lenders are encouraged to set up a process to manage the processing of the annual invoice.

Creating the Digital Future for the Mortgage Industry  

MISMO is leading efforts to create a better digital mortgage experience for consumers and all parties involved in a real estate transaction. MISMO provides a standard language for exchange of mortgage industry information. The industry's drive for innovation through collaboration has produced efficiency, consistency, cost savings and consumer benefits through all aspects of the mortgage process.  

MISMO is addressing several digital and other high priority initiatives including:   

  • a fully-digitized loan file with standardized forms and data;
  • application programming interfaces (API);
  • an industry loan application dataset (iLAD) to facilitate industry exchange of application data;
  • standard closing instruction forms and supporting datasets to improve communication between lenders and settlement agents; and 
  • an initiative to modernize the residential appraisal process.  

MBA's 2019 financial investment enabled MISMO to accelerate the delivery of solutions for key industry needs. These include:

  • Remote Online Notary (RON) standards that have been critical to closing loans during the COVID pandemic;
  • RON product certifications to facilitate lender, settlement agent, and investor selection of RON products;
  • Taxpayer Consent Language standards to ensure consistent industry-wide practices in compliance with the Taxpayer First Act, and many more.  

MBA's investment in MISMO proved that a properly funded standards organization could support the digitization of the industry while also addressing short-term needs. To continue meeting the needs of lenders and other industry participants, a more consistent funding mechanism is necessary.  

Key Payment Information

Payments must be in US Dollars and made payable to MISMO.  

To pay by ACH or wire, contact MISMO Services at (202) 557-2880 or

To pay by check please include your MERS Organization ID (aka Corporate ID) on the check;  include your invoice with payment; and use the following remittance address:

Regular Mail: MISMO P.O. Box 791577 Baltimore, MD 21279-1577  

Express Mail (UPS, FedEx) MISMO Attn: Lockbox 791577 1000 Stewart Ave. Glen Burnie, MD 21061

To pay by credit card you can log into our new online portal, MYMBA, to easily remit payment. If you don't already have login credentials for the portal your login ID is your email address.  Just follow the Forgot / Reset Password link to set your password and then login. Credit card transactions are subject to a $25K limit. (Note: MISMO, an MBA subsidiary, utilizes MBA systems for payment processing.  Innovation Investment Fee remittances are directed solely to MISMO. )  

MISMO Services is here to help if you have any questions about options for remitting payment.  Please feel free to email us or call (202) 557-2880. 

Click Here for Information Necessary to Set MISMO Up in Your Vendor Management System

Additional information about the MISMO Innovation Investment Fee and related FAQs is available at  

Learn more about MISMO's impact and contributions to the real estate finance industry by visiting