MBA takes MISMO back from MERS
The Mortgage Bankers Association is going to take back management of its MISMO platform from MERS, according to a HousingWire source familiar with the plans. The crossover will be complete Dec. 1 and a press release providing more details is said to be in the works. "A lot of noise has been made about the new MERS CEO and the recent court wins for the company, but I find it rather interesting that the MBA no longer trusts the company with its data standards initiative," the source said. MISMO stands for Mortgage Industry Standards Maintenance Organization. It develops and maintains residential and commercial property standards. Mortgage Electronic Registration Systems 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.