Business Glossary-Term List

Architecture Work Group. The AWG manages MISMO engineering disciplines providing overall technical direction and support for all MISMO Products. AWG is responsible to ensure that MISMO Products follow all published MEGs and other established product development guidelines.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

The Business Executive Team (BET) is responsible for reviewing proposed change / project requests received from Work Sponsors and to prioritize the work efforts of the organization to maintain and update the MISMO Products.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

The Budget and Finance Committees (BFC)� primary responsibility is to manage, review and recommend to the Board the annual budget.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Council of Chairs. The CoC serves as a forum for all MISMO WGs to communicate and exchange information on topics of general and shared interest across all WGs.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Community of Practice. A COP represents the business or technology interests of an industry segment and is made up of subject matter experts for that particular segment of the industry.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

The Residential Standards Governance Committee and the Commercial Standards Governance Committee work in concert with the MISMO Officers and the MISMO Manager and other MISMO committees and report to the MISMO Board of Directors.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

The Development Process Document is a procedures guide that outlines the process for developing, reviewing and approving MISMO Products created within the MISMO framework. It also outlines the roles, responsibilities, and interdependencies of the various participants (contributors, committees, staff, etc.) within the MISMO organization tasked with the maintenance and on-going development of the MISMO Products.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

Development Work Group. A DWG produces a MISMO Product, or set of Products, as specified in its Charter.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Governance Committee. Two committees (one Residential Standards Governance and the Other Commercial Standards Governance) nominated and elected from a cross-section of industry, that (along with the MISMO Manager) administers MISMO�s day-to-day standardsetting activities and maintains the architectural consistency of MISMO Standards.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Information Management Work Group. IM ensures that consistent business definitions and business information are used across MISMO Products including but not limited to the Business Glossary, Business Reference Model including MISMO Life of Loan, Logical Data Model and related platform dependent models as applicable, and MISMO XML Reference Model and the supporting Collateral. IM is responsible for ensuring that MISMO Products follow all published MEGs and other established product development guidelines.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Intellectual Property Rights. Sets forth MISMOs policy regarding the disclosure and licensing of intellectual property rights in regard to the development and implementation of the MISMO Standards. The MISMO IPR Policies may be accessed via the footer of mismo.org.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

Loan Origination System. A piece of software that automates the end to end loan manufacturing cycle.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOApprovedAcronym

The Mortgage Bankers Association (MBA) is the�national association that represents the real estate finance industry. It is a member-based nonprofit organization. The national MBA is headquartered in Washington D.C., though it works closely in collaboration with local and state mortgage bankers associations around the country.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

A MISMO Engineering Guideline (MEG) is published to assist the work groups in creating their specifications and to assist developers of MISMO Products to achieve consistent and technically appropriate products that meet the needs of the user community. The MEGs shall be adhered to during the development process without any deviation. MISMO has developed a series of MEGs to guide the process and production of Version 3.x Reference Model. In the event of a conflict between the MEGs and the DPD, the DPD takes precedence.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

The Nominating Committees (NC)�s primary responsibility is to identify and develop future board members and leaders.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Policies and Procedures. This document has been adopted by the MISMO Board of Directors (�Board�) to govern the activities of the organization. The Policies and Procedures (P&Ps) defined in this document address all activities of the organization. The detailed procedures for the development of the MISMO Products are defined in separate documents.

Term Source: MISMO Governing Documents

Term Type: Document

Focus Area: #MISMOApprovedAcronym

The Prioritization Committee (PC) is responsible for providing guidance on organizational priorities and key initiatives. This includes overseeing the Business Executive Team; Senior Advisors; and the New Product Incubator. It further includes recommending to the MISMO Board of Directors which products should be MISMO Standards and which should be MISMO Collateral.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

The Residential Standards Governance Committee and the Commercial Standards Governance Committee work in concert with the MISMO Officers and the MISMO Manager and other MISMO committees and report to the MISMO Board of Directors.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Work Groups (WGs) and Communities of Practice (COP) conduct MISMO�s product development work. Composition, operations, functions, and activities of the WG/COPs are defined in the MISMO Development Process Document (DPD)5: Separate DPDs exist for Residential and Commercial product development. Work Group and Community of Practice participants need not be affiliated with MISMO Members.

Term Source: MISMO Governing Documents

Term Type: Actor

Focus Area: #MISMOApprovedAcronym

Work in Progress. Any MISMO Standard or MISMO Collateral that is in the development process including a standard or collateral that has been sent to the public for comment.

Term Source: MISMO Governing Documents

Term Type: Other

Focus Area: #MISMOApprovedAcronym