Skip to main content

MISMO Seeks Leaders to Develop New Business Glossary

NationalMortgageProfessional.com
Mar 27, 2017
The Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it is seeking participants to create a new Mortgage Industry Business Glossary

The Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it is seeking participants to create a new Mortgage Industry Business GlossaryThe Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it is seeking participants to create a new Mortgage Industry Business Glossary. The MISMO Glossary will reflect all processes in the mortgage industry, from initial borrower queries to loan payoff, and all events in between, including the provision of services by vendors to regulatory reporting. The Glossary will be oriented towards business professionals, avoiding technical jargon except where absolutely necessary. To ensure the success of this effort, MISMO is seeking professionals from across the mortgage industry to assist with this important effort.
 
“The MISMO standard and the new Business Glossary are created by volunteers through a collaborative process,” said Joshua Weinberg, executive vice president of First Choice Loan Services Inc. “However, once the standard is published, its use becomes compulsory, because it is baked into regulation, business processes and the technology that supports them. If you’re interested in the future of our industry and committed to making it better, this is the time to participate and get involved in building solutions that will help shape the direction and path we take.”
 
Like other glossaries, the MISMO Business Glossary will include terms, definitions and allowable values. There is significant value in understanding how and where data is used across the industry. This additional knowledge can influence the design of business processes, the creation of new business opportunities, and more. The MISMO Business Glossary will document common business processes, business events, calculations, documents, forms and more. The inclusion of this information will enable business and technology professionals to create views of various business processes, the data that is used or produced by the processes, and dictionaries of terms that are used within a process.
 
“Over the years, the industry’s brightest minds have collaborated under MISMO to create standards that have made the mortgage process more productive and consumer friendly. While existing MISMO standards have greatly improved business to business technology communications, their (often necessary) complexity has made it difficult for non-technical industry participants (i.e. business users) to understand and utilize the standards” said Rick Hill, EVP of MISMO. “When complete, the new business glossary is expected to make it easier for lenders and other mortgage organizations to leverage MISMO standards as well as MISMO products and collateral to fulfill their unique business needs and goals.”
 
Individuals interested in participating in this collaborative, industry-wide effort, should send an email with the subject line “Join MISMO’s Business Glossary Workgroup” to Info@MISMO.org by Friday, April 14, 2017.
More from
Tech
MAXEX Secures Strategic Investment Thanks To J.P. Morgan

MAXEX announced a secured strategic investment from J.P. Morgan and existing investors.

Tech
Jun 22, 2021
Planet Home Lending's Aneeza Haleem To Appear On The Mortgage Leadership Outlook

Aneeza Haleem, vice president of technology for Planet Home Lending, LLC, will be the next guest on NMPTV's special Tech Stack Heroes edition of the Mortgage Leadership Outlook.

Tech
Jun 22, 2021
Lodasoft Integrates With Black Knight's Optimal Blue PPE

Lodasoft announced its integration with Black Knight’s Optimal Blue PPE to revolutionize loan origination and task automation.

Tech
Jun 21, 2021
FinTech Student Program Provided By UWindsor & Rocket Innovation Studios

University of Windsor partners with Rocket Innovation Studios to foster a pipeline of highly trained professionals who will help advance finance technology.

Tech
Jun 21, 2021
Fraud Detection Transitions To Digital Lending

Mortgage lenders faced $20 billion in mortgage lending fraud exposure last year, according to research from Point Predictive.

Tech
Jun 16, 2021
Radian Expands Integration With Mortgage Cadence

Radian Group Inc. expanded its integration with Mortgage Cadence to include Radian's title and settlement services with the Mortgage Cadence Platform.

Tech
Jun 16, 2021