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MBA cites exposure in MISMO transfer

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The Mortgage Bankers Association provided the impetus for taking over the day-to-day management of its Mortgage Industry Standards Maintenance Organization, citing a growing need for more exposure across the industry. HousingWire sources confirmed Thursday that Mortgage Electronic Registration Systems would hand back management of MISMO to the huge trade group Dec. 1. "With the successful launch of the MISMO 3.0 reference model, MISMO can now shift to focus efforts on regulatory implementation and advocating for broader adoption throughout the industry," according to MBA President and CEO David Stevens. Bill Beckmann, president and chief executive of MERS, said his firm will continue to be one of the largest adopters of MISMO. MERS took over the daily management of MISMO in February 2009, with the MBA still in charge of operational oversight. Write to Jacob Gaffney. Follow him on Twitter: @JacobGaffney.

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