MISMO, the Mortgage Industry Standards Maintenance Organization, is soliciting participants for its new working groups: The Business Reference Model Development Workgroup and the Logical Data Model Redesign Development Workgroup. Both groups were created to help bridge the gap between different organizations and between business and technical staff.
“Our rapidly evolving industry requires ever closer collaboration across the large number of organizations that make up the mortgage finance ecosystem,” said Rick Hill, executive vice president of MISMO and MBA vice president of Industry Technology. “There is also a great need for collaboration between those involved in origination, servicing and other activities and the technology staff that support them.”
The Business Reference Model Development Workgroup will develop a high level business model depicting the common activities that may occur over the life of a loan. The new model will enable business professionals and others to access MISMO work products and collateral within the context of the business process or processes they support. The business model will include definitions of business activities presented in an easily consumable, business friendly format. Eventually, MISMO may provide additional products that will enhance the value of the Business Model.
The Logical Data Model Redesign Development Workgroup will redefine the MISMO logical data model (LDM) to support a greater range of technological implementations. This evolution will ensure that MISMO continues to support the industry regardless of future technological choices made across the industry. The new LDM will contain definitions for terms used within the industry as well as showing the relationships between business concepts.
Participants in these workgroups will meet via one-hour weekly conference calls, as well as an in person meeting at the MISMO Winter Summit in January 2017. The work for both workgroups is expected to last approximately six months; however the lifespan of either workgroup may be extended as necessary to meet industry needs.
If you are interested in participating in this effort, please send an email with a subject of “JOIN MISMO’s Business Reference Model DWG” or “JOIN MISMO’s LDM Redesign Pilot DWG” to [email protected] by Friday, Nov. 4, 2016.
