MISMO, the Mortgage Industry Standards Maintenance Organization, has released a set of products to help companies implement the new Consumer Financial Protection Bureau (CFPB) Home Mortgage Disclosure Act (HMDA) rule. These tools, collectively referred to as the HMDA Implementation Toolkit, offer a comprehensive collection of guidance, mapping documents, and other information about the rule and the use of MISMO in meeting the requirements of the rule. In particular, the tools help companies build upon existing reporting requirements such as the GSE Uniform Mortgage Data Program (UMDP).
“The industry participants who collaborated to create the new Toolkit did a remarkable job of developing clear and concise operational and implementation guidance from the complexities of the revised HMDA regulations” said Mike Fratantoni, president of MISMO and chief Economist and senior vice president of Research and Industry Technology at the Mortgage Bankers Association (MBA). "This will be extremely valuable to lenders as they begin to prepare for HMDA reporting under the new rule.”
The Toolkit is a comprehensive package of implementation guidance, business scenario examples, mappings and sample XML. It outlines the new HMDA Loan Application Register (LAR) requirements and provides guidance on how to best leverage the value of the MISMO standard as it applies to HMDA reporting requirements.
“The HMDA Implementation Toolkit represents an important milestone for MISMO by extending the traditional tools offered to help institutions simplify the implementation of the evolving industry data standards,” said Randy Gilster, senior vice president, Wells Fargo and Chair of the Residential Standards Governance Committee. “The HMDA Implementation toolkit is the first of a new generation of comprehensive business oriented tools and solutions offered by MISMO.”
