MISMO Releases Consumer-Facing Charge and Fee Guide

The Mortgage Industry Standards Maintenance Organization (MISMO), said Wednesday that the Consumer-Facing Charge and Fee Guide has reached “Candidate Recommendation” status.

That means the guide has been thoroughly reviewed by a wide range of organizations and industry participants, and is available for use across the industry.

“MISMO developed this guide to promote the uniform application of fee names and descriptions for the purpose of creating consistency across the industry and to facilitate efforts to comply with regulations,” said MISMO President David Coleman. “These efficiencies ultimately reduce costs and save time for all parties involved.”

The new Consumer Facing Charge and Fee Guide benefits lenders and vendors by providing a standard set of expected fee names and descriptions for the Loan Estimate and Closing Disclosure for commonly used fees, MISMO said.

You can view the guide here.