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MISMO Releases New Reference Model For Public Comment 

David Krechevsky
Sep 19, 2022

Version 3.6 of the MISMO Reference Model includes new data points and structures.

MISMO, the Mortgage Industry Standards Maintenance Organization, said today it is seeking public comment on Version 3.6 of the MISMO Reference Model, which includes new data points and structures related to a number of important industry business, regulatory, and investor changes.

Version 3.6 of the MISMO Reference Model is the culmination of a multiyear collaborative effort amongst hundreds of volunteer contributors from across the mortgage industry ecosystem, the organization said. 

The 90-day public comment period runs through Dec. 16, 2022.

“The MISMO Reference Model is the foundation for most MISMO standards today and for many MISMO-based proprietary products such as the GSEs’ Uniform Mortgage Data Program (UMDP) exchanges,” said Seth Appleton, MISMO president. “Version 3.6 is the result of thousands of hours of collaboration by MISMO volunteers from across the spectrum of industry stakeholders, and our new standard will shape every new API, dataset, and SMART Doc in the coming years.”    

MISMO said the Version 3.6 includes updates and enhancements to support the:

  • GSEs’ updated residential appraisal data exchange, Uniform Appraisal Dataset (UAD0);
  • Private Label RMBS rating agency asset valuation data exchange for faster, more efficient, and more accurate due diligence necessary for securitizing private label residential mortgages;
  • Exchange of closing instructions, improving communications, and avoiding delays during closing between the lenders and closing agents;
  • Ability to electronically verify that data is consistent with information presented in a document, such as the loan application, and that the data has not been tampered with putting trust into the data through the Version 3 Verifiable Profile SMART Doc standard;
  • Enhancements to the MISMO API Toolkit, leveraging MISMO’s initiative to develop standards for consumer transactions;
  • FIPS Code API that returns loan limits based on Zip Code of the subject property address;
  • New document data mappings for several industry forms including the VA Form 1880, Adverse Action, 4506T, and 4506C; and
  • Maintenance changes to add, change, and deprecate data points, enumerated values, containers, as appropriate.

The MISMO Reference Model includes a logical data model that makes it easier for organizations to communicate with business partners regardless of the technologies they choose; an XML schema representation of the data and relationships that support industry business processes; the logical data dictionary (LDD) which provides a business centric view of the model; and the MISMO SMART Doc standards that provide formats for electronic formatting of documents; and more.

The Version 3.6 MISMO Reference Model package provided for public comment contains the Version 3.6 release notes and change list detailing included updates; the logical data model; XML schema files; and the LDD, MISMO said.

This public comment period allows 90 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).   

MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures are due by Dec. 16, 2022, and should be emailed to [email protected]

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