The Mortgage Industry Standards Maintenance Organization, or “MISMO,” has launched its newest version 3.3, and is seeking feedback from the mortgage lending community.
The new version of MISMO Residential Reference Model includes new data points and structures that align with new regulatory and reporting requirements under the Consumer Financial Protection Bureau and other agencies.
“Version 3.3 of the MISMO Reference Model provides the mortgage finance industry with the standards needed in today’s rapidly changing regulatory and compliance environment,” said Mike Fratantoni, President of MISMO. “MISMO is grateful to the many contributors from across the mortgage finance industry who worked tirelessly to make Version 3.3 of the Reference Model a reality. Their dedication and expertise is invaluable.”
The CFPB’s latest integrated closing disclosures, as well as HOEPA High Cost Loans, GSEs Uniform Mortgage Servicing Dataset, FHA Automated Underwriting and Ginnie Mae Pool Data Delivery dataset are all covered under the new version. In addition, a new Logical Data Dictionary format is being introduced in version 3.3, MISMO announced Thursday.
An acronym for the Mortgage Industry Standards Maintenance Organization, MISMO is the standards development body for the mortgage industry.
Written by Elizabeth Ecker