Skip to main content

MISMO Recommends DMN as Industry Standard

Phil Hall
Mar 26, 2019
Photo credit: Getty Images/Natali_Mis

MISMO has issued a recommendation for using the Decision Model and Notation (DMN) standard for the mortgage industry’s documentation, implementation, execution and exchange of business rules and decisions.
MISMO has issued a recommendation for using the Decision Model and Notation (DMN) standard for the mortgage industry’s documentation, implementation, execution and exchange of business rules and decision
 
The DMN standard was developed by the Object Management Group, an international technology standards consortium. MISMO noted that when DMN is used in combination with its existing standards, mortgage industry entities would be able to automate the exchange of business rules and decisions between partners, resulting in time and cost savings in the mortgage process.
 
MISMO also pointed out that the combination of MISMO and DMN can be applied to any business rule or decision shared by mortgage lenders and third parties, including rules such as the ability to repay requirements, HMDA reporting requirements and servicing guidelines.
 
“By integrating MISMO’s data standard with DMN, we facilitate decision as a service and enable new levels of integration and communication between mortgage industry partners,” said Brian Stucky, CEO of DecisionX and Co-Chairman of MISMO’s Decision Modeling Community of Practice. “This moves MISMO closer to its vision of standardizing how the mortgage industry communicates. Sharing rules, along with the data used by the rule, will help address many of the interpretive and compliance issues that currently bedevil the mortgage industry. Understanding the rules used by business partners will help resolve differing interpretations and confusion, which in turn should greatly reduce costs across the industry.”

 
Published
Mar 26, 2019
More from
Tech
New York Community Bank Creates Groundbreaking Digital Payment Process

Now Figure Technologies Inc. can conduct real-time secondary trading in digital shares of its stock by utilizing Figure’s alternative trading system (ATS) that operates on Provenance Blockchain.

Tech
Sep 14, 2021
NAMB Partners With Dell Technologies

Offers Discounts To Members To Help With Technology Upgrades

Tech
Sep 13, 2021
Notarize And Snapdocs Announce Partnership

Notarize and Snapdocs, Inc. entered a partnership in which brings two digital closing companies together in hopes to further streamline the closing process.

Tech
Sep 09, 2021
Hold The Phone: Agile Formally Launches Platform For TBA MBS Quotes

Trade Auction Manager Allows Small to Mid-Size Broker Dealers To Quote Digitally

Tech
Sep 09, 2021
SimpleNexus Approved As eClosing Solution Provider For Both GSEs

SimpleNexus, a homeownership platform developer, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider.

Tech
Sep 07, 2021
iBuyer Services Grow Market Share

Unlike other real estate companies that acquire homes to hold or rent out, iBuyers flip their home with light repairs before quickly relisting on the open market.

Tech
Sep 07, 2021