The Mortgage Industry Standards Maintenance Organization, better known as MISMO, maintains the data model containing all the data points and definitions required to support the entire US residential finance system. MISMO is a not-for-profit organization owned by the Mortgage Bankers Association. It is operated by an all-volunteer army of professionals and technologists from throughout the mortgage industry.

Through a common data dictionary and data reference model, MISMO promotes data consistency, reduces processing costs, increases data transparency and boosts investor confidence in mortgages as an asset class.

MISMO standards are the backbone of the FHFA-directed Uniform Mortgage Data Program, which requires that lenders submit loans to Fannie Mae and Freddie Mac using the MISMO-based Uniform Loan Delivery Dataset and Uniform Appraisal Dataset. Soon, the same standards will apply to FHA. This means that the vast majority of mortgage loans originated in the United States will be MISMO-based.

The Consumer Financial Protection Bureau (CFPB) has mandated that starting in August 2015, new, MISMO-based Integrated Disclosure forms at the points of estimate and closing will replace today’s GFE and TIL forms. The CFPB has also adopted the application of MISMO standards for data collection and audit purposes, including a revised HMDA reporting standard, yet to be released.

MISMO is important to us at MGIC because the organization’s standards are applied to nearly all electronic requests for mortgage insurance delivered to our company.

As the current chair of the MISMO Mortgage Insurance work group, MGIC continues to place great value on the organization, volunteering and contributing resources to the standardization and normalization of MI-related transactions. MISMO’s high standards continue to improve the way we in the mortgage industry do business.

Check out mismo.org to learn more. You’ll find self-guided and instructor-guided education courses and a calendar of upcoming MISMO Summits.

Have additional questions about MISMO? Please ask them in the comments section below and I’ll gladly respond.

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