MISMO, the mortgage industry’s data standards organization, is seeking interested parties to participate in any of three newly formed Development Workgroups (DWGs) to help guide industry-wide policy development. The DWGs will focus on these three policy areas:
There is no universal standard for identifying a property, resulting in greater risk for mistakes and fraud. This proposed DWG seeks to bring together industry representatives to talk about current challenges, and possible enhancements for improving data standards in the realm of property location definition, verification and best practices.
►Unique loan identification
There is not a single Unique Loan Identification Number (ULIN) of a mortgage loan in use uniformly throughout the industry over the life of the loan, and many in the industry use individual methods of identifying loans at various stages in the loan’s life cycle. This proposed DWG will explore the development of a universally accepted ULIN. The group will examine current mortgage identifier systems and the potential for standardization, and will also review other non-mortgage banking industry efforts such as the definition of the ISO "bank card" standard for credit and debit cards.
►MISMO Version 3 Series Core Implementation Guideline
There is no central, universal guideline for using the MISMO version 3 series reference models other than the MISMO Engineering Guidelines (MEGs), which are intended to be instructions to MISMO industry workgroups. The goal of this proposed DWG will be to develop such a guideline, as production and maintenance of this documentation would provide a significant advancement in the ability to gain industry adoption for MISMO and increase the MISMO subscriber base.