MISMO Life of Loan

MISMO® published an updated version of its MISMO Life of Loan Process Model in September of 2024.

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.

MISMO Life of Loan enables access to MISMO products within the context of a typical mortgage life cycle. It uses Business Process Model and Notation (BPMN), which is a standard way of documenting business processes.

All processes in MISMO Life of Loan have a short definition in MISMO's Business Glossary. 

MISMO members can access the interactive MISMO Life of Loan here. Additional artifacts include:

• Quick Reference Guide for navigating the interactive MISMO Life of Loan
• MISMO Life of Loan Overview (PDF)
• Narratives provide a brief description of what happens during each identified process and point to related MISMO products, works in progress, and workgroup(s) that are responsible for the MISMO product. They can be accessed within the process in the interactive model, or as a PDF containing all narratives.
• MISMO Life of Loan Workgroup Cross Reference assists the reader in finding MISMO Life of Loan content for the MISMO workgroup(s) in which they participate.
• MISMO Life of Loan process model (PDF)
  

MISMO Life of Loan is owned by the Business Process Model (BPM) Community of Practice

What It Includes

Highlights of the MISMO Life of Loan Version 2023.02 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 to:
  • 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

Access Information for Members

MISMO Members can access the interactive MISMO Life of Loan here, and MISMO Life of Loan artifacts within the Resource Library housed on MISMO's Collaboration Site, "MISMO Connect" here.  

Access Information for Non-Members

Non-MISMO members can access the MISMO Life of Loan Business Process Model and the Overview documents here.

Disclaimer

MISMO Disclaimer