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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. Use of MISMO 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:  

Beyond the numerous data communication standards and resources published in the past year, industry support has enabled MISMO to make significant progress on many other high priority initiatives, including:

  • MISMO is convening the industry around the hottest topics in mortgage.
    • MISMO continues to bring executives together to surface and discuss key business, operational and implementation issues.  The MISMO Lender Advisory Forum and the MISMO Senior Advisors met recently and discussed several important topics, including:
      • artificial intelligence (AI) implementation risks and retention of AI generated data;
      • lender pain points related to title and settlement; and,
      • evolving risks associated with identity verification.
    • MISMO remains at the forefront of conversations about the FHFA required GSE Credit Score requirements. MISMO is currently building implementation guidance to facilitate industry implementation of the changes. 
    • MISMO 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.
    • Gathered hundreds of industry professionals for three annual MISMO Summits, which each entail education days and hundreds of workgroup meetings and strategy sessions.
  • MISMO is enhancing efficiency and data exchanges throughout the industry.
    • Mortgage Compliance Dataset (MCD) – Through a collaboration with the Conference of State Banking Supervisors (CSBS), state and other regulators will now be able to use a single standard when requesting information from lenders for regulatory examinations. Lenders will use the MCD to perform compliance testing of loans throughout the loan origination and post-closing processes.
    • 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.
    • The soon to be 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. Information about how adoption of the new Housing Counseling Dataset, can expand homeownership can be found in a white paper published earlier this year.
  • MISMO is accelerating the industry’s digital transformation.
    • MISMO SMART Doc® - Published new sample formats for title and closing documents including the Closing Disclosure, Closing Protection Letter, Request for Tax Transcript, Commitment for Title Insurance, and several others. This will enable lenders and settlement companies to greatly improve the flow of information between parties. 
  • MISMO is building trust in data.
    • MISMO is working with the U.S. Department of Veteran’s Affairs (VA) to digitize documents used in VA lending such as the Request for Certificate of VA Eligibility and the Verification of VA Benefits.  This effort will greatly improve the efficiencies in the exchange of VA information.
    • MISMO is creating standard data exchanges to facilitate federal housing agency servicing activities. These efforts complement works in progress to develop an industry standard servicing transfer data exchange. Both efforts will ease lender friction for loan boarding and other transfer related information exchanges.
    • Additionally, 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.
  • MISMO is maintaining a suite of Certification Opportunities:
    • MISMO offers a suite of certification programs.  Lenders and others can save due diligence time by considering MISMO certified products and consultants first.  MISMO certified products and consultants have already been subjected to a standard level of vetting through the certification program.

If that was not enough, for the fifth 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.

MISMO’s membership reached nearly 400 members in 2024, and its impact continues to grow.  Your organization’s engagement in MISMO through the Innovation Investment Fee or membership enables MISMO to build the data communication standards groundwork for a more efficient, less costly mortgage market.