MISMO creates essential standards that improve efficiency, reduce cost and enhance the mortgage experience for all parties involved in a real estate transaction.
Here are highlights of MISMO work to accelerate our industry's digital future.
MISMO's Track Record of Success MISMO solutions lead to lower costs throughout the mortgage process; reduced friction as information is shared effectively between the various parties in the mortgage transaction; faster, more efficient loan closings; enhanced innovation across the industry; improved regulatory and counterparty compliance; and reduced levels of fraud.
Recent MISMO accomplishments and ongoing initiatives include:
- a new standardized Private Label Securitization (PLS) dataset to improve the quality and consistency of the data sent to the rating agencies, for faster, more efficient, and more accurate due diligence for private label RMBS;
- a new Community of Practice on Environment, Social and Governance (ESG) working to help the industry successfully navigate and innovate in the evolving ESG landscape by 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.
- An e-Eligibility Exchange to provide a single info source so organizations can better understand how digital a mortgage transaction can be in order to expand and grow the digital mortgage market.
- Version 3 of the SMART Doc standard is being updated to be verifiable and in PDF format;
- Remote online notarization (RON) standards are being updated to ensure they continue to deliver the trusted data that the industry needs, allow the eNote market to scale and confer benefits on industry and consumers;
- a Residential Appraisal Dataset that supports the GSEs Uniform Appraisal Dataset (UAD) and forms redesign initiative;
- Servicing Transfers work to create a catalog of information that will outline recommended processes and best practices to consider when conducting a servicing transfer;
- An eDoc/eMortage Vault Interoperability CoP working to reduce friction caused by sharing eNotes and eDocs across eVaults;
- eMortgage Technology Certification helping to advance the digital mortgage process and assist lenders by providing a quick way to generate a list of potential vendors in the eClosing/RON space and bring convenience to the closing process benefiting industry and consumers.
- An API Toolkit that facilitates rapid development of new products and applications across the mortgage industry;
- Industry Loan Application Dataset (iLAD), a collection of data points that provides a standard way of exchanging information included in the new Uniform Residential Loan Application (URLA) as well as the GSEs' automated underwriting systems;
- An Enhanced Logical Data Dictionary (ELDD) that enables business and technology professionals to easily find out which data elements are available within the MISMO Reference Model and shows how each data element fits into the Logical Data Model, XML Schema and API Toolkit;
- MISMO Business Glossary, an enhanced online resource of mortgage industry business terms and data point descriptions enabling easy access via hashtags to the list of terms associated with iLAD, ULDD, UAD, UCD, and much more;
- A digital mortgage resource center that assists organizations with the transition to digital loan processes;
- Standardized Closing Instructions templates that enable lenders to communicate more effectively with settlement agents;
- MISMO Life of Loan, a high-level business process model depicting common activities that may occur over the life of a mortgage loan;
- Model Taxpayer Consent Language that assists lenders with tax law compliance;
- Standardized terms/definitions that enable consistency in the exchange of information with the GSE UMDP, FHA, VA, Ginnie Mae, and CFPB HMDA requirements.