MISMO Seeks Public Comment on Updated MISMO Life of Loan Process Model
March 13, 2025
WASHINGTON, D.C. (March 12, 2025) – MISMO®, the real estate finance industry's standards organization, today announced that it is seeking public comment on the latest version of the MISMO Life of Loan Process Model. The 30-day comment period will run through April 12, 2025.
“MISMO Life of Loan is an interactive business process model that allows users to view MISMO and MISMO-based tools and resources in the context of a typical mortgage life cycle,” said MISMO Acting President Rick Hill. “Industry practitioners can use the tool to access information about MISMO products within the context of the related business process.”
Significant enhancements were made to the MISMO Life of Loan Process model. Highlights include adding new narratives related to housing counseling, electronic vaulting services, home equity loan products, reverse mortgages, producing a closing disclosure, getting title and settlement fees, and requesting a certificate of commitment from the Veterans Administration. The extensive list of updates to the model can be found at MISMO Life of Loan | MISMO.
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.
The 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 April 12, 2025 and should be directed to [email protected].
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.