MISMO Update Conforms to Regulatory Requirements – NMP Skip to main content

MISMO Update Conforms to Regulatory Requirements

NationalMortgageProfessional.com
Jan 29, 2016
​MISMO has announced an update to its residential standards in support of multiple regulatory and industry reporting requirements

MISMO has announced an update to its residential standards in support of multiple regulatory and industry reporting requirements. Changes to the standards support the CFPB Home Mortgage Disclosure Act (HMDA) rule, the GSE Uniform Loan Application Dataset (ULAD), and Know Before You Owe or the TILA RESPA Integrated Disclosures (TRID) regulations. The new update, referred to as Version 3.4 of the MISMO Residential Reference Model, has been issued for a 30-day intellectual property rights (IPR) review. MISMO does not anticipate that there will be any additional significant updates to its residential standards in 2016. 

Version 3.4 has been released as a Candidate Recommendation, meaning that this update has been thoroughly reviewed by a wide range of organizations and industry participants. The thorough review by industry provides a good indication that this update is ready for broad use across the entire residential mortgage industry. The IPR review period is the final opportunity for entities to submit inquiries over intellectual property infringement within the standard.

“MISMO continues to focus on providing solutions to business problems and regulatory requirements while also supporting initiatives to help enhance business opportunities,” said Richard Hill, executive vice president of MISMO and vice president of Industry Technology at the Mortgage Bankers Association (MBA). “The standards help to provide a common interpretation of facts and events that facilitates collaboration among the entire mortgage industry. The recent implementation of TRID and the future implementation of the HMDA rule are helped by the collaborative efforts to develop common interpretations that are reflected in the standards.”

Version 3.4 of the standard includes enhancements specific to CFPB’s final Home Mortgage Disclosure Act (HMDA) rule; the Know Before You Owe or TILA RESPA Integrated Disclosures (TRID) regulations; 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 trend and credit score category information. 

As with all new releases of the standards, operational, business and technical reviews are recommended prior to implementation. Version 3.4 contains some changes that are not compatible with previous releases. To assist with the assessment of impact on existing implementations, MISMO has provided Release Notes and additional resources concurrent with the release of the Version 3.4. The additional resources include the new Version Comparison Report which provides details on how containers, data points, and enumerated values have changed across all Version 3.x releases. Full details on model enhancements can be found in the Version 3.4 Release Notes andVersion 3.4 of the MISMO Reference Model.

The Version 3.4 release of the MISMO Reference Model is subject to a 30-day IPR review. The IPR Review period will be open from Monday, Feb. 1, 2016 through Tuesday, March 1, 2016. 

Published
Jan 29, 2016
More from
Tech
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Guaranteed Rate Adds New Chief Product And Technology Officer

Guaranteed Rate named Dr. Ramesh Sarukkai as the company’s new chief product and technology officer.

Industry News
Nov 22, 2021
Fintech Mortgage Proven To Reduce Racial Bias In Lending

Technology-based Fintech mortgage may be the answer to reducing, and ultimately eliminating, racial bias and discrimination in lending.

Analysis and Data
Nov 19, 2021
nCino To Acquire SimpleNexus

Cloud banking and digital transformation solutions company, nCino Inc., signed a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at an estimated $1.2 billion.

Tech
Nov 19, 2021
Guaranty Home Mortgage Partners With Paradatec For Doc Automation

Guaranty Home Mortgage Corporation selected Paradatec's AI-Cloud for document processing and indexing.

Tech
Nov 16, 2021