MISMO, the mortgage industry's standards organization, is inviting mortgage industry participants to join its new practice community which is developing a decision model to validate eNotes, which are a key component for digital mortgages.
The new MISMO group will be responsible for incorporating MISMO standards into the creation of a decision model which can be used to validate the underlying document structure and data of electronic notes. The group will also document and publish validation rules that can be used in the creation of eNotes. The validation rules will follow the Decision Model and Notation (DMN) standard to promote interoperability and exchange among mortgage industry participants.
“ENotes are an important component of digital mortgages and to the future of the mortgage industry,” said MISMO Executive Vice President and Mortgage Bankers Association Vice President of Industry Technology Rick Hill. “By enabling industry collaboration to create new decision models and validation rules, MISMO is providing tools that help all parties involved in the mortgage process.”
Among other tasks, the new workgroup's responsibilities include reviewing current eNote standards, building a new decision model, and creating implementation guides for lenders and investors.
DMN was established by the Object Management Group to provide a common notation that is readily understandable by all business users, from the business analysts needing to create initial decision requirements and then more detailed decision models, to the technical developers responsible for automating the decisions in processes, and finally, to the business people who will manage and monitor those decisions. DMN is designed to be useable alongside of Business Process Modeling Notation (BPMN), the standard business process notation. In addition to hosting the new DMN practice community, MISMO will develop educational material about DMN and its role in the mortgage industry in addition to sharing best practices for decision modeling.
Those interested in participating in this collaborative, industry-wide effort can send an e-mail with the subject "Join MISMO's eNote Validation Community" to
[email protected] by Monday, June 11, 2018.
