Mortgage Industry Standards Maintenance Organization (MISMO) has announced the release of version 3.3.1 of the MISMO Residential Reference Model for public comment. The comment period will remain open for 30 days through Dec. 15, 2014. This version of the Standard includes new data points and structures to support regulatory requirements and additions in the areas of mortgage insurance coverage and conditions, title, payoff and property valuation. Also, the public comment period offers industry the opportunity to preview the release for consistency and provide feedback to MISMO regarding potential errors, omissions, or infringement of intellectual property rights.
“Version 3.3.1 of the MISMO Reference Model and Logical Data Dictionary are the direct result of MISMO contributors from across the industry collaborating to solve business problems and develop the standards needed to meet industry needs in today’s rapidly changing regulatory and compliance environment,” said Mike Fratantoni, president of MISMO. “MISMO is grateful to the many dedicated contributors from across the mortgage finance industry who worked hard to make Version 3.3.1 of the Reference Model possible. Their dedication and expertise is invaluable.”
MISMO Reference Model Version 3.3.1 is backwardly compatible to Version 3.3. Backwardly compatible means that technical processes that work for Version 3.3 will continue to work if applied to Version 3.3.1
In addition to the logical data dictionary (LDD), XML Schema, and Release Notes, MISMO has provided additional resources for this release. These resources include schema comparison reports and MISMO Java bindings reference materials. Full details on model enhancements can be found in the Version 3.3.1 Release Notes andVersion 3.3.1 of the MISMO Reference Model.
The timing of this release is consistent with the August 2014 announcement regarding the future release schedule for the MISMO Residential Data Standard (the Standard). MISMO has taken important steps to assist industry participants by enhancing the predictability of releases.
