The One Acronym Servicers Really Need To Know

In the servicing world, we have a lot of acronyms to remember, but one is increasingly prominent - MISMO. Otherwise known as the Mortgage Industry Standards and Maintenance Organization, managed by the Mortgage Bankers Association, MISMO publishes a volunteerdriven data standard that has been adopted throughout all areas of the industry. The data standard is written in extensible mark-up language (XML), which has become the standard language used for information exchange between computer systems. It is a remarkably elegant language in both its simplicity in categorizing information, and its ability to be read and understood by both humans and computer systems.

The MISMO data standard was recently updated to version 3.3, including expansions to support the Ginnie Mae Pool Delivery Dataset and the government-sponsored enterprise (GSE) Uniform Mortgage Servicing Dataset (UMSD) initiative. The Ginnie Mae standard was published June 30 and will have an implementation period between December 2015 and June 2016. The UMSD project scope has been broadened by the Federal Housing Finance Agency (FHFA) and is now known as the Servicing Data and Technology Initiative (SDTI). SDTI has multiple components being reviewed for future implementation, including information about both performing and nonperforming loan activities such as servicing transfers, investor reporting, default management and loss mitigation...Read More Here. 

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