MISMO Seeks Leaders to Develop New Business Glossary – NMP 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 [email protected] by Friday, April 14, 2017.
Published
Mar 27, 2017
More from
Tech
Banks And Investors Stake Claim To Their Domain

December 22, 2021, Valencia’s fully digital auction house will auction off .finance and .financial domain names.

Tech
Dec 02, 2021
Why Short-Term Closing Fixes May Be Holding Lenders Back

2020 became a record year for eClosing and eNote adoption

Tech
Dec 01, 2021
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