MISMO Announces Schedule for Residential Data Standard – NMP Skip to main content

MISMO Announces Schedule for Residential Data Standard

Aug 19, 2014

The MISMO Residential Standards Governance Committee has announced the schedule for the next two releases of the MISMO Residential Data Standard. Updates to the Standard, which supports data exchange transactions and corporate data models across the residential mortgage lifecycle, are expected to be released for Public Comment in November 2014 and July 2015, respectively.  “MISMO recognizes that industry participants are increasingly dependent upon MISMO to execute on their business plans, including compliance with new regulations,” said Randy Gilster, senior vice president at Wells Fargo Home Mortgage and Chairman of the MISMO Residential Data Standards Governance Committee. ”As a result, MISMO has taken action to assess industry needs and develop a schedule of updates that allows for predictable and proactive planning in order to meet milestone events. With the release of this schedule, lenders, servicers, investors, service providers, and government entities will be able to better sequence their activities around the MISMO timeline.” The November 2014 release, referred to as Version 3.3.1, will be backwardly compatible. Backwardly compatible means that technical processes that work for Version 3.3 will continue to work if applied to Version 3.3.1. To assist with planning, MISMO is providing the following list of key dates for this release: All requests for updates to the model must be submitted to the MISMO Core Data Structures (CDS) Workgroup by September 3, 2014.  A draft version of the Version 3.3.1 model is expected to be available for review at the MISMO Fall Summit scheduled for the week of September 22-26, 2014.  The MISMO Architecture Workgroup (AWG) will review the recommended changes at the MISMO Fall Summit. At that time, the AWG is expected to vote to elevate the model to Public Comment Status. Requests for updates to the Reference Model received after the September 3rd deadline will be considered for inclusion in subsequent versions. The July 2015 release will be either a non-backwardly compatible release, referred to as Version 3.4, or a backwardly compatible release, referred to as Version 3.3.2. This decision on backward compatibility will be made at a later date and will be based on the type of changes included in the release. To assist with planning, MISMO is providing the following key dates for the release: All requests for updates to the model must be submitted to the MISMO CDS Workgroup by April 1, 2015.  A draft version of the Version 3.4 or 3.3.2 model is expected to be available for review on May 1, 2015.  The MISMO AWG will review the recommended changes. At that time, the AWG is expected to vote to elevate the model to Public Comment Status. Requests for updates to the Reference Model received after the April 1, 2015, deadline will be considered for inclusion in subsequent versions.
About the author
Published
Aug 19, 2014
California Approves $25B Homebuyer Loan Program, Targeting New Construction

Proposition 37 could open new purchase lending opportunities, but financing costs and borrower qualification will determine its reach

When AI Takes Action: New Federal Framework Raises Questions

New federal banking guidance examines the risks of autonomous AI, from borrower communications to servicing transactions, with a focus on human oversight and accountability

States Tighten Mortgage Rules For Home Equity Investments

Massachusetts, Maine, and Illinois are expanding oversight of home equity financing

West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations