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The Mortgage Industry Standards Maintenance Organization, or MISMO, said this week it is seeking public comment on three key industry resources to help accelerate the industry’s digital transformation.
The first is an updated MISMO Business Glossary, a business-friendly collection of terms and definitions representing content from MISMO and non-MISMO sources. The glossary includes information about common business processes, business events, business terms, calculations, documents, and forms, MISMO said.
Updates for 2022 include:
- additional focus areas that will further assist users in finding related terms in the business process,
- new naming conventions, and
- additional updated terms and definitions.
The 30-day public comment period for the MISMO Business Glossary runs through Sept. 5, 2022.
Next is the MISMO eMortgage Glossary, which has been updated to include approximately 20 new terms and definitions that have been created since the previous publication in 2020, MISMO said. This glossary was updated in collaboration with other industry organizations to help ensure that industry professionals are using consistent language, helping to reduce friction and increase interoperability, the organization said.
The 60-day public comment period for eMortgage Glossary runs through Oct. 4, 2022.
Lastly, MISMO said it is seeking public comment on its updated eModification Reference Flyer, a resource for mortgage servicers to help identify whether an investor currently accepts electronically signed loan modification agreements.
The flier addresses changes announced in APM 21-07: eSignatures and Remote Online Notarization guidance by Ginne Mae in late 2021, MISMO said.
The 60-day public comment period for the eModification Flyer also runs through Oct. 4, 2022.
The public comment periods provide notice to workgroup participants and industry professionals, prior to final release, in order to review the details and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should be directed to [email protected]
MISMO is the real estate finance industry's standards organization, and its efforts to solve key business challenges is made possible by lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.