MISMO® Workgroups Seek Participants with Business and Technical Skills
WASHINGTON, D.C. (October 21, 2016) - MISMO®, the Mortgage Industry Standards Maintenance Organization, is soliciting participants for its new working groups: the Business Reference Model Development Workgroup and the Logical Data Model Redesign Development Workgroup. Both groups were created to help bridge the gap between different organizations and between business and technical staff.
"Our rapidly evolving industry requires ever closer collaboration across the large number of organizations that make up the mortgage finance ecosystem," said Rick Hill, Executive Vice President of MISMO and MBA Vice President of Industry Technology. "There is also a great need for collaboration between those involved in origination, servicing and other activities and the technology staff that support them."
The Business Reference Model Development Workgroup will develop a high level business model depicting the common activities that may occur over the life of a loan. The new model will enable business professionals and others to access MISMO work products and collateral within the context of the business process or processes they support. The business model will include definitions of business activities presented in an easily consumable, business friendly format. Eventually, MISMO may provide additional products that will enhance the value of the Business Model.
The Logical Data Model Redesign Development Workgroup will redefine the MISMO logical data model (LDM) to support a greater range of technological implementations. This evolution will ensure that MISMO continues to support the industry regardless of future technological choices made across the industry. The new LDM will contain definitions for terms used within the industry as well as showing the relationships between business concepts.
Participants in these workgroups will meet via one-hour weekly conference calls, as well as an in person meeting at the MISMO Winter Summit in January 2017. The work for both workgroups is expected to last approximately six months; however the lifespan of either workgroup may be extended as necessary to meet industry needs.
If you are interested in participating in this effort, please send an email with a subject of "JOIN MISMO's Business Reference Model DWG" or "JOIN MISMO's LDM Redesign Pilot DWG" to INFO@MISMO.org by Friday, November 4, 2016.
MISMO® is the standards development body for the mortgage industry. MISMO developed a common data language for exchanging information for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer. MISMO is a wholly owned subsidiary of the Mortgage Bankers Association. For more information, visit www.mismo.org.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mba.org.