2022 MISMO Membership Letter

October 28, 2021

To the dedicated MISMO community,

Thanks to your participation, 2021 was one of MISMO's most impactful years. We need to sustain the momentum going forward as we work to accelerate our industry's digital future. With that in mind, it's time to renew your MISMO membership so we can collaborate, innovate and prosper.
MISMO had a strong year delivering value to the industry by addressing key business challenges. Here are just a few highlights of MISMO's 2021 accomplishments and a look ahead at what is to come in 2022:  

  • a new eMortgage Technology Certification program that includes both Remote Online Notarization Certification (17 platforms certified) and a new eClosing Certification (with 4 in progress). MISMO Certifications benefit the industry by helping to advance the digital mortgage process and provide a quick way to generate a list of potential vendors in the eClosing/RON space - saving lots of due diligence time.
  • a new standardized Private Label Securitization (PLS) dataset to improve the quality and consistency of mortgage asset data sent to credit rating agencies, for faster, more efficient, and more accurate due diligence for private label securitizations;
  • a new Community of Practice on Environment, Social and Governance (ESG) issues, comprised of participants from across residential and commercial real estate finance and government. This group is working to help the industry successfully navigate and innovate in the evolving ESG landscape by exploring, defining, and streamlining the exchange of ESG information.
  • two Commercial standards that enable the efficient exchange of commercial real estate information: a Commercial Appraisal Standard and a Commercial Green Utility Dataset. MISMO is generating momentum in this space as commercial firms are asking their vendor partners to make sure they can support MISMO standards.

In addition, here are a few more highlights of MISMO's full pipeline and key ongoing initiatives.

  • MISMO has expanded efforts to support the digitization of the residential mortgage process on numerous fronts including:
  • To date there have been more than 1.3 million eNotes registered with the MERS® eRegistry. Every eNote is a MISMO SMART Doc® and MISMO's standards support the industry's evolution from imaging to electronic records. MISMO is currently developing Version 3 of the SMART Doc® standard, which will be verifiable, the key to lights out processing of mortgage documents, and available in PDF format, at the industry's request.
  • We are updating our widely used Remote Online Notarization (RON) standards to ensure they continue to deliver clarity and transparency that the industry needs. These updates, based on the maturity of the industry, will allow the eNote market to scale and bring convenience to the closing process benefiting industry and consumers alike.
  • MISMO's Residential Appraisal Dataset is a new data standard that will support the GSEs' Uniform Appraisal Dataset (UAD) and forms redesign initiative.
  • MISMO is doing important Servicing Transfer work to create a catalog of information that will outline recommended processes and best practices to consider when conducting a servicing transfer. This multi-step initiative addresses the fact that post-closing is less uniform than other parts of the mortgage lifecycle. Once complete, the workgroup will create a standard dataset for residential servicing transfers to improve efficiencies for consumers and the industry.
  • MISMO's API Toolkit fosters innovation and facilitates the rapid development of new products and applications across the mortgage industry. Three additional API initiatives include our MI Rate Quote JSON specification, our FIPs code workgroup and our work to automate homeowner insurance requests. 
  • A key development in 2021 that allowed MISMO to provide more value, better and faster, was the launch of the Innovation Investment Fee, which is administered by our billing agent, MERSCORP, as a service to the industry.  I'm pleased to report that 75% of the top 20 residential lenders and more than 1,500 residential lenders of all sizes and business models from across the entire industry stepped up and paid the fee, which supports MISMO's work to foster innovation in the digital mortgage process and the development and adoption of many critical industry standards. Thanks to all who are supporting the industry's future by investing in MISMO and our work to advance next-generation solutions.

As an incentive to renewing your membership early and as a thank you for your company's generous investment in MISMO in 2021, we are offering a 10% discount on your 2022 MISMO corporate membership as long as we receive payment before Friday, December 17, 2021. 

I also encourage you to consider becoming a MISMO Champion. This program enables MISMO to provide needed resources to our industry. To learn more about how MISMO Champions are recognized and the benefits of becoming a MISMO Champion please visit here or contact us at membership@mismo.org.

In the coming days, the MISMO team will be sending you 2022 membership and Champions program renewal payment and remittance details, including early discount payment information for corporate memberships.

MISMO's unique ability to bring the industry together to collaborate, innovate, and prosper is generating big results. The MISMO community is creating essential standards that improve efficiency, reduce cost and enhance the mortgage experience for all parties involved in a real estate transaction. But we are only as strong as our contributors and participants, so we need your help to continue our success and momentum!

We look forward to your continued support and investment in MISMO. Thanks for joining us and for your part in making 2022 a strong and successful year for MISMO and the real estate finance industry.


Seth Appleton