Business Glossary Community of Practice
Join MISMO's Business Glossary CoP!
Industry-wide use of a common language is critical for effective, efficient, and flexible business practices. A common language helps mitigate risk, improves consumer understanding and satisfaction, and reduces costs. MISMO, the mortgage industry's standards organization, has succeeded in creating a common terminology that is used for communications between lenders, service providers, regulators and others. While existing MISMO standards have greatly improved business to business technology communications, their (often necessary) complexity has made it difficult for non-technical industry participants (i.e. business users) to understand and utilize the standards.
To reduce complexity and enable broader use of MISMO, MISMO participants have determined that a Business Glossary is a necessary addition to the existing MISMO suite of standards and guides. The MISMO Business Glossary, along with MISMO's Business Reference Model and Logical Data Model, will permit business oriented professionals to have access to clear, understandable terms and definitions; links to how data are used in various business processes; and filtered views of the model. MISMO has created the new Business Glossary Community of Practice to address these needs and invites you to participate in this rewarding effort.
Current Goals and Objectives
The Business Glossary Community of Practice is working to expand upon the foundation of business friendly glossary terms used in the current version to further describe items of interest to the mortgage finance industry. Like most glossaries, the MISMO Business Glossary includes terms, definitions, accompanied by hashtags. But the MISMO Glossary will not stop there - we will be publishing an educational webinar, in addition to capturing common MISMO acronyms and terms, additional pertinent industry forms and documents and much more. The inclusion of all of this information will enable business and technology professionals to understand terminology used in various business processes, and the data used or produced by the processes.New publications of the glossary will be released incorporating valuable industry feedback, making it even easier for lenders and other mortgage organizations to leverage MISMO standards as well as MISMO products and collateral to fulfill their unique business needs and goals. Workgroup deliverables will include:
- Guides for utilizing the Business Glossary;
- Addition of new hashtags to accompany a set of terms
- Addition of MISMO acronyms and terms
- Other items as determined by the workgroup.
If you are interested to participate with this group and are already a MISMO member you may join the collaboration site that has been established on "MISMO Connect". If you are not a member of MISMO, let us know that you would like to participate by sending an email to firstname.lastname@example.org. For information on how to become a MISMO Member, see here.
Amy O'Connor, Consultant, Chair
Rusty Emory, Prime Lending, Vice-Chair