MISMO Publishes Updated Life of Loan Business Process Model

WASHINGTON, D.C. (September 25, 2024) – MISMO®, the real estate finance industry's standards organization, published an updated version of its MISMO Life of Loan Process Model.

MISMO Life of Loan is an interactive business process model that allows users to view MISMO – and MISMO-based, tools and resources – within the context of a typical mortgage’s life cycle. Industry practitioners can use the tool to access information about MISMO products within the context of the related business process. MISMO Life of Loan uses Business Process Model and Notation (BPMN™), a widely used standard for documenting business processes created by the Object Management Group.

Highlights of the MISMO Life of Loan Version 2023.02 update include:

• Narrative updates to add Receive Final Title Insurance Policy and Endorsements and Perform Post Closing
• Narrative updates to modify the following topics: 
  • Verify VA Benefits
  • Exchange Loan Application Data
  • Obtain AUS Recommendation
  • Create and Register eNote
    • Narrative updates to add or update work product links:
      • Exchange Loan Application Data
      • Determine e-Eligibility
      • Perform eClosing
      • Perform ESG Activities
      • Perform Remote Online Notarization
      • Produce Fee Sheet
      • Review Closing Protection Letter
      • Review Title Commitment/Prelim Report
      • Verify VA Benefits
    • Updates to the Online Life of Loan that include:
      • Refactoring Manage Escrow
      • Updating  Board Loan for BPMN 2.0 Conformity
  MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee. Visit MISMO.org to learn how you can get involved.