MISMO Accomplishments


MISMO standards bring innovation to digital mortgages.   

Here are highlights of MISMO initiatives which improve efficiency and communications between business partners enabling lenders and other industry participants to save time and money.

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 include:   

  • An API Toolkit that facilitates rapid development of new products and applications across the mortgage industry;
  • 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;  
  • MISMO Life of Loan Version 2020.12, a high-level business process model depicting common activities that may occur over the life of a mortgage loan;  
  • Commercial Appraisal Standard, a dataset that facilitates the efficient exchange of commercial real estate appraisal information; 
  • 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 GSE automated underwriting systems;  
  • Remote Online Notarization (RON) standards that have enabled organizations to continue to close loans during the COVID pandemic;  
  • RON Product Certification that assists lenders with identification of product vendors that meet MISMO standards;   
  • digital mortgage resource center that assists organizations with the transition to digital loan processes;   
  • Model Taxpayer Consent Language that assists lenders with compliance with a recent law;  
  • Standardized Closing Instructions templates that enable lenders to communicate more effectively with settlement agents;     
  • Standardized terms/definitions that enable consistency in the exchange of information with the GSE UMDP, FHA, VA, Ginnie Mae, and CFPB HMDA requirements.