The Mortgage Bankers Association
said Monday the Mortgage Industry Standard Maintenance Organization
is now fully under the trade group's umbrella after spending the last two years under the guidance of the Mortgage Electronic Registration Systems
MISMO will now focus on the implementation of mortgage regulations, while advocating for the adoption of data standards throughout the mortgage industry, according to the MBA.
The trade group gave MERS authority to handle the daily management of MISMO in February 2009, but said in September it would resume
management because of the need for more exposure to process standards across the industry. HousingWire broke the news
last week when sources confirmed MERS would return MISMO.
"MBA supports greater efficiency and lower costs throughout the industry by advocating for broad adoption of industry consensus standards developed by MISMO. We are actively engaging both regulators and industry in this effort," said President and CEO David Stevens.
"MBA will also provide educational opportunities aimed at helping industry and government better understand and implement MISMO standards," Stevens said. "Standardization and transparency are critical to the return of investor confidence and liquidity in the mortgage marketplace, and MISMO has a crucial role to play. I would recommend that MBA members become MISMO subscribers in order to help guide this effort."
The MBA hired Cindy Bojokles to serve as director of industry standards, a role in which she will work with industry mortgage executives on industry standards. She also will help government agencies understand the benefits of using voluntary consensus standards developed by MISMO.
"Cindy has spent over 15 years working on data standards, data quality and business solutions for the mortgage industry. Her detailed knowledge of technology and business processes will prove invaluable to MBA and the mortgage industry as it continues to advance MISMO and industry standards," Stevens said.
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