The Mortgage Industry Standards Maintenance Organization (MISMO) Residential Standards Governance Committee has announced that Version 3.3 of the MISMO Residential Reference Model is targeted to be released for public comment at the end of September, 2013. MISMO is the standards development body for the mortgage industry. Using MISMO standards reduces processing costs, increases transparency and boosts investor confidence in mortgages as an asset class, while creating cost savings for the consumer. The expected timeline is as follows:
►August 9, 2013: All revision requests from MISMO workgroups must be submitted to the MISMO Core Data Structures (CDS) Workgroup.Requests for updates to the Reference Model received after theAugust 9th deadline will be considered for inclusion in subsequent versions.
►September 20, 2013: The CDS Workgroup will have reviewed the requests and updated the model.
►September 23-27, 2013: The MISMO Architecture Workgroup (AWG) will review the recommended changes at the Fall MISMO Summit and Workshop. At that time, the Architecture Workgroup is expected to vote to elevate the model to Public Comment Status.
The mortgage industry is facing an extraordinary number of new regulations and reporting requirements. Version 3.3 of the MISMO Reference Model will include updates associated with a number of these new regulations.The new version will also include updates to other areas of the Reference Model to facilitate the exchange of information across the industry.Upon release of the model for public comment, MISMO will provide details of the updates associated with Version 3.3 in the form of Release Notes.