New MISMO Mortgage Standards Updates Coming Soon

Mortgage Industry Standards Maintenance Organization (MISMO) will be releasing two new residential data standards in the coming months, the Mortgage Bankers Association announced Monday. 

The updates, which will target data exchange transactions and corporate data models will be released for public comment in November 2014 and July 2015, respectively. They will address regulatory changes and compliance changes, the organization said. 

“MISMO recognizes that industry participants are increasingly dependent upon MISMO to execute on their business plans, including compliance with new regulations,” said Randy Gilster, senior vice president at Wells Fargo Home Mortgage and chairman of the MISMO Residential Data Standards Governance Committee. ”As a result, MISMO has taken action to assess industry needs and develop a schedule of updates that allows for predictable and proactive planning in order to meet milestone events. With the release of this schedule, lenders, servicers, investors, service providers, and government entities will be able to better sequence their activities around the MISMO timeline.”

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The first upcoming version, 3.3.1 will be “backwardly compatible,” MISMO said, meaning the earlier release will be technically compatible with the new version. 

MISMO is accepting industry requests through September 3, 2014 with a first draft of the new release expected for the week of September 22. 

The second series of changes will be open for public request through April 1, 2015.

Written by Elizabeth Ecker

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