MISMO Accomplishments
MISMO is Where Innovation Meets Collaboration for a Stronger Mortgage Market
MISMO is where the mortgage industry comes together to address the most challenging obstacles in real estate finance. Our standards have been shown to increase efficiency, accelerate our industry’s digital transformation, and enhance the interoperability of data, systems, and technology platforms across the industry. Every residential loan originated today utilizes MISMO standards in some way, and the importance of this work will only continue to grow. Check out some of our recent accomplishments:
- MISMO is enhancing efficiency and interoperability among tools utilized throughout the industry.
- MISMO developed the Mortgage Compliance Dataset (MCD), an industry standard loan data file bringing consistency to data requests for state and federal loan portfolio examinations.
- MISMO worked with CSBS to standardize the exchange of information used by state and other regulators for loan portfolio review examinations.
- Lenders can also use the MCD dataset to complete testing of loans throughout the loan origination and post-closing process. The MCD replaces the fixed format LEF reducing friction, increasing accuracy, and creating a more efficient process.
- The recently released industry standard Housing Counseling Dataset, is designed to facilitate greater access to home ownership by making the housing counseling process more efficient and effective for potential borrowers,
borrowers and lenders alike.
- The dataset will enable the exchange of housing counseling data between lenders and counseling agencies facilitating greater access to home ownership.
- In addition, it will help potential borrowers by potentially providing more financing opportunities. It will benefit originators by curating higher quality loan candidates.
More information about how adoption of MISMO standards, especially the new Housing Counseling Dataset, can ultimately expand homeownership can be found in a white paper prepared by the Housing Counseling Workgroup and published earlier this year.
- MISMO developed the Mortgage Compliance Dataset (MCD), an industry standard loan data file bringing consistency to data requests for state and federal loan portfolio examinations.
- MISMO is accelerating the industry’s digital transformation.
- Enhanced the suite of industry MISMO SMART Doc® tools and resources:
- Published the SMART Doc FAQs, combining information about the SMART Doc® V1.02 and SMART Doc® V3 Specifications into a single location for ease of use. The SMART Doc® V1.02 is used industry-wide for eNotes.
- Published and expanded a package of V3 SMART Doc samples. As the set of document specifications grows they will be added to the set of samples.
- Developing an updated set of Remote Online Notarization (RON) standards that are the result of a collaborative industry-wide effort to include adjustments identified during the implementation process.
- For the fourth year in a row, MISMO was named one of HousingWire’s Tech100; an award that spotlights the most innovative and impactful tech organizations in housing.
- Enhanced the suite of industry MISMO SMART Doc® tools and resources:
- MISMO is building trust in data.
- MISMO is building standards for frequently used industry documents that can be readily adopted to establish a consistent method of exchanging data. Included in this effort MISMO launched the title and closing documents to data work focused on key pre-closing and closing documents and the loan payoff request and letter and a similar effort the new VA Docs to Data development workgroup focused on creating document dataset specifications to align with the U.S. Department of Veterans Affairs’ Loan Guaranty Program forms as well.
- MISMO is convening the industry around the hottest topics in mortgage.
- MISMO has been at the forefront of FHFA required GSE Credit Score requirements since the changes were announced.
- Last year, MISMO originally convened the industry to identify potential operational and implementation impacts and raise awareness about the required changes.
- Today, MISMO is building implementation guidance to facilitate industry implementation of the move from classic FICO to FICO 10T and VantageScore 4.0 and to support the move from tri-merge to bi-merge credit reporting.
- The MISMO Bi-merge and Credit Score Modernization Implementation Guide is a work in progress that will continue to evolve as final details emerge from FHFA.
- MISMO has held several events focused on Artificial Intelligence (AI) in Mortgage:
- MISMO teamed up with MBA to host its second AI Workshop, “Artificial Intelligence & Mortgage: the Art of the Possible” attracting hundreds of tech and mortgage professionals from across the country to San Francisco to work on some of the latest issues in AI and mortgage. MISMO also launched a new AI Community of Practice focused on issues related to AI in mortgage. The effort is sponsored by Snapdocs.
- The initial focus of the new AI CoP is on creating a shared vocabulary through a glossary of AI terms that are applicable to the mortgage industry, education / lessons learned, and identification of mortgage related AI use cases.
- Launched an Automated Valuation Model (AVM) workgroup, sponsored by Zillow, that will develop a suite of MISMO AVM standards to support the industry in communicating risk effectively improving the quality of risk-based
decisions, encouraging AVM adoption among lenders, and assisting with compliance of the recently published Interagency Rule on Quality Control Standards for Automated Valuation Models.
- The workgroup will address AVM confidence score meaning, testing framework, and best practices to ensure compliance with non-discrimination laws.
- Partnered with Federal Housing agencies to launch a new work group focused on building a new Federal Agency Servicing Data Standard. The effort is sponsored by Sagent.
- Launched the inaugural Lender Forum; a brand-new lender-only forum established to encourage and facilitate lender collaboration specific to business, operational, and implementation issues that can be solved through the adoption and implementation of industry standards.
- Gathered hundreds of industry professionals for three annual MISMO Summits, which each entail education days and hundreds of workgroup meetings and strategy sessions.
- MISMO has been at the forefront of FHFA required GSE Credit Score requirements since the changes were announced.
- Introduced a new suite of Certification Opportunities:
- These new certification programs provide a tool for lenders and the industry as first line of vetting for potential partners as well as increasing adoption and facilitating interoperability, so that the whole industry can speak the same language!
- eClose Certification: Verifies that an eClosing System complies with the MISMO eclosing System Certification Requirements and industry best practices.
- eVault Certification: Ensures the eVault Provider’s platform, procedures, and policies comply with the MISMO eVault system standards.
- Remote Online Notarization (RON) Certification: Confirms that a RON platforms’ systems, procedures, and policies comply with the MISMO RON standards and industry best practices.
- SMART Doc ® Certification: Ensures that a system has properly implemented industry standards and best practices for creating and validating V1 SMART Docs® and V3 SMART Docs®.
- The MISMO Certified Consultants program allow seasoned consultant companies the ability to display their mortgage industry domain knowledge, expertise in the MISMO standards, and their commitment in supporting the MISMO community. The program also serves as a utility to the industry, by vetting professional organizations who have verified expertise in MISMO standards.
- These new certification programs provide a tool for lenders and the industry as first line of vetting for potential partners as well as increasing adoption and facilitating interoperability, so that the whole industry can speak the same language!
MISMO’s membership reached nearly 400 this year, including the GSEs, FHLBs, Mortgage Insurers, housing agencies, technology and service providers and regulators. More than 1,000 lenders support MISMO through payment of the Innovation Investment Fee, furthering MISMO’s impact across the industry when it comes to initiatives that tackle business, operational, and technological challenges.
This year, MISMO partnered with Viant Eye to introduce a brand-new platform for building and implementing standards that will introduce a collaborative, streamlined, automated process for developing standards.
Catch the latest news from MISMO at the MISMO Newsroom.
Learn also how you can participate in a MISMO workgroup.
Be sure to follow MISMO on LinkedIn and YouTube.
Hear directly from our members about some of their MISMO Success Stories:
LendingPad:® A MISMO® iLAD Success Story
FundingShield: MISMO® Certification Success FundingShieldCaseStudy2021[JD3] [CG4]