The Mortgage Industry Standards Maintenance Organization (MISMO) is seeking public comment on the latest version of its Life of Loan Process Model.
The 30-day comment period will run through April 26, the organization said Monday.
MISMO Life of Loan is an interactive business process model that allows users to view MISMO — and MISMO-based tools and resources — within the context of a typical mortgage’s life cycle, the organization said.
MISMO Life of Loan uses Business Process Model and Notation (BPMN), 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.
- Determine loan limit;
- 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.
This public comment period allows participants in the proposal at least 30 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 in writing. Comments and disclosures are due by April 26 and should be directed to [email protected]
