MISMO announced the release of Version 3.3 of the MISMO Residential Reference Model in Candidate Recommendation status and for a 30-day intellectual property rights (IPR) review. “In today’s environment it is particularly critical that the mortgage industry work together to facilitate a more efficient path to implementation via industry standards” said Mike Fratantoni, Chief Economist and SVP of Research and Industry Technology at the Mortgage Bankers Association (MBA) and President of MISMO. “Version 3.3 is a perfect example of this collaboration since the standard now includes all data points necessary to implement the CFPB integrated disclosures as required by RESPA/TILA. Now industry can concentrate on implementing disclosure requirements by August 2015.”
Candidate Recommendation status is used to denote that Version 3.3 has been thoroughly reviewed by a wide range of organizations and industry participants and MISMO believes it is ready for industry to use in implementations. The IPR review period is the final opportunity for entities to submit concerns over intellectual property infringement within the standard.
“The evolution and availability of Version 3.3 of the MISMO Reference Model is an important step forward for MISMO given the current regulatory environment,” said Randy Gilster, SVP at Wells Fargo and Chair of the MISMO Residential Standards Governance Committee. “This achievement is the culmination of countless hours of thoughtful consideration by many contributing representatives across the loan lifecycle. Their domain knowledge, dedicated commitment and collaborative efforts resulted in a comprehensive release for the mortgage industry.”
Version 3.3 of the MISMO Reference Model includes new data points and structures related to a number of recent regulatory and reporting requirements including CFPB’s Integrated Closing Disclosures, HOEPA High Cost Loans, GSEs Uniform Mortgage Data Program (UMDP), FHA Automated Underwriting (TOTAL Scorecard) and Ginnie Mae’s Pool Data Delivery dataset. A strengthened and enhanced Logical Data Dictionary (LDD) format is also being rolled out with Version 3.3.
