Mortgage Compliance Dataset (MCD)
MISMO® announced the release of the MISMO® Mortgage Compliance Dataset (MCD) Version 2.0 for a 30-day public comment period, open through December 6, 2025. Developed in partnership with the Conference of State Bank Supervisors (CSBS), the enhanced dataset represents a major step forward in modernizing and automating mortgage compliance examinations.
The public comment period allows those who participated in the proposal at least 30-days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).
MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products to disclose them at this time in writing. All comments and disclosures are due by December 6, 2025, and should be directed to [email protected].
The MCD is designed to be used by state and federal regulators, with their compliance vendor, to perform compliance testing of closed loans as part of mortgage origination compliance exams. Mortgage lenders, with their compliance vendor, will use the MCD to perform compliance testing of loans throughout the loan origination and post-closing processes.
“The new dataset introduces consistency to the exchange of information used by state and federal regulators for loan portfolio review examinations,” said Acting MISMO President Richard Hill. “The MCD will ultimately reduce friction, increase accuracy, and create a more efficient process for our stakeholders involved in the oversight and regulatory process.”
“MISMO’s standard-setting efforts – conducted in collaboration with state supervisors, industry, and technology firms – provide a critical foundation for improvements in consumer protection and financial stability in the mortgage market,” said Conference of State Bank Supervisors President and CEO Brandon Milhorn. “Broad adoption of these standards will support more efficient and effective state supervision of mortgage lenders and servicers, all while reducing compliance costs for these firms. Ultimately, the standards will provide consumers with additional confidence in the mortgage market and the credit products they rely upon to own their homes.”
The MCD specification replaces the fixed format Loan Examination File (LEF) with an XML schema-based version tied to version 3.6.0 of the MISMO Reference Model. As a companion to the MCD specification, MISMO also published a schema file to assist with implementation efforts.
Utilizing MISMO data terms and structures allows users to leverage the same data terms used in other agency reporting and data exchange across the mortgage industry and the mortgage lifecycle. This enhances data accuracy, creates processing efficiencies, and allows the file to be updated more easily as needed over time.
Access Information for Members
MISMO Members can access the work product in the Resource Library housed on MISMO's Collaboration Site, "MISMO Connect" here.
Access Information for Non-Members
Non-MISMO members can access the work product here.