The Mortgage Industry Standards Maintenance Organization (MISMO) has announced the release of a new version of its MISMO Residential Reference Model for public comment.
The comment period will remain open for 30 days through Monday, Dec. 15. This period offers the mortgage industry the opportunity to preview the release for consistency and provide feedback to MISMO regarding potential errors, omissions or infringement of intellectual property rights.
Version 3.3.1 includes new data points and structures to support regulatory requirements and additions in the areas of mortgage insurance coverage and conditions, title, payoff and property valuation.
This version “of the MISMO Reference Model and Logical Data Dictionary are the direct result of MISMO contributors from across the industry collaborating to solve business problems and develop the standards needed to meet industry needs in today’s rapidly changing regulatory and compliance environment,” said Mike Fratantoni, president of MISMO, in a statement.
The new version is backward-compatible to Version 3.3, meaning that technical processes that work for Version 3.3 will continue to work if applied to Version 3.3.1.
MISMO has provided additional resources for this release, including schema comparison reports and MISMO Java bindings reference materials.
Comments regarding Version 3.3.1 can be emailed to email@example.com.
Written by Emily Study