MISMO Releases Updated Life Of Loan Process Model

The Mortgage Industry Standards Maintenance Organization (MISMO) announced the final release Tuesday of the latest version of the MISMO Life of Loan Process Model.

MISMO Life of Loan is an interactive business process model that allows users to view MISMO standards — and MISMO-based tools and resources — within the context of a typical mortgage’s life cycle. Industry practitioners can use the tool to access information about MISMO products within the context of the related business process. 

MISMO Life of Loan uses Business Process Model and Notation (BPMN), and is created by the Object Management Group, a standard way of documenting business processes. 

Highlights of the MISMO Life of Loan Version 2022.09 include:

• The tool is now available as an online interactive version. It includes the ability to hover over a process and see the MISMO Business Glossary definition.
• Added or updated processes:
  • Added Determine e-Eligibility to draw attention to the MISMO e-Eligibility Exchange; 
  • First Page of Servicing refactored to better align with BPMN.
• Supports publication of the Lending Limit API.
• Evaluate Application Threshold: Supports publication of the Application Threshold Decision Model and White Paper.
• Verify VA Benefits: Supports pending publication of the Verification of VA Benefits dataset.
• Perform Closing and Funding: Supports pending publication of the Pre-Closing and Closing datasets.
• Trade MBS: Supports publication of the BWIC Template Mapping Specification.

You can read more about MISMO Life of Loan here.