Beginning Dec. 1, 2011, the Mortgage Bankers Association (MBA) and MERSCORP Inc. (the parent company of Mortgage Electronic Registration Systems Inc. or MERS) have jointly announced that management of the Mortgage Industry Standards Maintenance Organization Inc. (MISMO) will transfer to the MBA beginning Thursday, Dec. 1, 2011. "MERSCORP successfully managed MISMO during an important period of technical and technological development for MISMO, and a period of significant change for our industry," said David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA). "With the successful launch of the MISMO 3.0 reference model, MISMO can now shift to focus efforts on regulatory implementation and advocating for broader adoption throughout the industry. The MBA and MERSCORP came to the conclusion that with this shift in focus, management should return to MBA, where MISMO adoption efforts can be synchronized with MBA advocacy. We appreciate the commitment of MERSCORP, which will continue to play an important role in influencing the work of MISMO."
Bill Beckmann, president and CEO of MERSCORP, agreed that the time was right for MISMO to return to MBA, stating, "We are one of the largest adopters of the MISMO Standards and we'll continue to work closely with MISMO to encourage adoption of standards that, along with the mission of MERSCORP, promote efficiency in mortgage transactions."
"Due to changes in the regulatory environment over the last two years, the benefit of implementing data standards across the real estate finance industry has never been greater," said Stevens. "Significant new reporting requirements highlight the need for a common vocabulary and data exchange mechanism. The continued enhancement of data standards and transparency are critical to the return of investor confidence and liquidity in our marketplace. MBA will continue to encourage regulators to adopt MISMO standards for regulatory reporting. The utilization of a single, consensus industry standard will greatly reduce compliance costs for the mortgage industry. To continue the development of world class standards, I would like to encourage MBA members and the regulatory community to become more active in the development and support of industry standards."