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
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
The Real Brokerage Acquiring LemonBrew Lending For $1.25M

Real said the acquisition marks the next step in its strategy to develop a seamless end-to-end home buying experience.

Tech
Sep 26, 2022
Guaranteed Rate Launches Spanish Language Mortgage Program

The expanded Language Access Program (LAP) delivers every step and communication in Spanish.

Tech
Sep 22, 2022
Maxwell Aims To Extend An Arm To Hispanic Buyers

New point of sales platform makes mortgage process automatically bilingual.

Tech
Sep 20, 2022
Rocket Launches Program To Discount 1st-Year Mortgage Payments

Offers new homebuyers 1 percentage point discount for first year of payments.

Tech
Sep 16, 2022
Expert: Zillow Privacy Lawsuit Has Wider Implications

Could decide just how vague privacy policies can be.

Tech
Sep 16, 2022