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MISMO, the standards development body for the mortgage industry released its logical data model as the next generation of the MISMO data exchange, according to a press release. The new model has the ability to support any technology a company decides to use, including support for XML and JSON.
"The expanded capabilities of the LDM will make it easier for organizations to communicate with their business partners, which will lead to greater efficiencies within our industry," said Randy Poirier, vice president of data solutions at Black Knight and chair of MISMO's Residential Standards Governance Committee. "Given the expanded use of mobile devices, it was essential that MISMO expand the LDM capabilities in support of this growing mobile communication trend within the mortgage industry."
According to the release, the LDM was built using the Unified Modeling Language 2.5, a common standard created by Object Management Group. The company is also in the process of developing an LDM-specific logical data dictionary to accompany the LDM.
"The LDM is being released in Candidate Recommendation status which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and MISMO believes that it is ready for industry use," according to the release.
"MISMO has created a set of user guidelines to help industry participants adopt and implement the LDM in their business processes."