Mortgage Compliance Dataset (MCD)
MISMO's Mortgage Compliance Dataset (MCD) specification has reached “Candidate Recommendation” status, which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for industry use.
The MCD is designed to be used by state and federal regulators, with their compliance vendor, to perform compliance testing of closed loans as part of mortgage origination compliance exams. Mortgage lenders, with their compliance vendor, will use the MCD to perform compliance testing of loans throughout the loan origination and post-closing processes.
The MCD specification replaces the fixed format Loan Examination File (LEF) with an XML schema-based version tied to version 3.6.0 of the MISMO Reference Model. As a companion to the MCD specification, MISMO also published a schema file to assist with implementation efforts.
Utilizing MISMO data terms and structures allows users to leverage the same data terms used in other agency reporting and data exchange across the mortgage industry and the mortgage lifecycle. This enhances data accuracy, creates processing efficiencies, and allows the file to be updated more easily as needed over time.
Access Information for Members
MISMO Members can access the work product in the Resource Library housed on MISMO's Collaboration Site, "MISMO Connect" here.
Access Information for Non-Members
Non-MISMO members can access the work product here.