MISMO Updates Standards to Conform to TRID

MISMO has announced the release of Version 3.4 of the MISMO Reference Model for public comment. The public comment period will remain open from Tuesday, Oct. 2015 through Friday, Dec. 4, 2015.  Version 3.4 is expected to be elevated to Candidate Recommendation status shortly thereafter.

“Everyone is aware of the significant number of new regulatory and investor requirements facing the mortgage industry” said Rick Hill, MISMO executive vice president. “MISMO is focused on helping the industry by updating the standards to assist in complying with the regulations. The new release, referred to as Version 3.4, contains important updates to support the TILA/RESPA Integrated Disclosures (TRID) rule, the proposed Home Mortgage Disclosure Act (HMDA) rule, and the GSE’s Uniform Mortgage Data Program (UMDP). The collaboration within MISMO among the lending community, service providers, government, investors and others is instrumental in developing standards that solve business problems. MISMO and its many active participants are pleased to provide this update to help industry respond to new regulations in a timely manner.”

Version 3.4 of the MISMO Reference Model includes enhancements specific to the CFPB Know Before You Owe or TILA RESPA Integrated Disclosures (TRID) rule; CFPB’s proposed Home Mortgage Disclosure Rule (HMDA); the GSEs Uniform Closing Dataset (UCD) and Uniform Loan Application Dataset (ULAD); evidence of compliance with the CFPB’s National Servicing Rule; HUD Document Types; Foreclosure and Bankruptcy data; and credit reporting liability trend and credit score category version information.