MISMO, the Mortgage Industry Standards Maintenance Organization, announced that starting next year it will simplify its membership structure to support broader participation in the creation and use of standards across the mortgage industry lifecycle.
MISMO is a wholly owned subsidiary of the Mortgage Bankers Association that was created in 1999 “to advance the development and adoption of standards for the mortgage finance industry.”
“We expect that the simplified membership structure, along with increasing membership benefits, will encourage greater participation in the organization” said Bill Beckmann, MISMO Board Chairman and CEO of MERSCORP Inc. “Increased participation will provide for a broader and deeper set of perspectives when standards are developed, which should continue to result in improved standards for all parts of the mortgage industry.”
Here are key changes that will take effect Jan. 1, 2017:
- MISMO will consolidate its existing membership tiers into a single membership level.
- All MISMO members will have the same annual membership fee and receive the same membership benefits
- All memberships will convert to a calendar year term (Jan 1-Dec 31).
- Annual membership dues will be $2,500. This is the same amount as the existing Silver Level Membership, which is the minimum current fee for most corporate members.
- For individuals who do not belong to corporations or government agencies (e.g. sole proprietor), MISMO will retain its existing individual contributor membership for an annual rate of $500.
MISMO said that along with these changes it plans to continue to enhance the benefits for all members, which includes creating new products, tools and services and making them available to members at no charge.
Furthermore, the announcement said a new program will be announced in the near future that will enable current Gold, Platinum and Diamond level members to retain the additional benefits that have been offered to them under the current plans. This new program will be distinct from the new Membership Plan.
“More than ever, the mortgage industry needs to adopt standards in order to reduce costs and improve data quality. MISMO is evolving to enable better collaboration between lenders, service providers, credit agencies, mortgage insurers, title insurers, investors, and government to improve the quality of information that is shared across the industry,” said Mike Fratantoni, MISMO president and chief economist and senior vice president, Research and Industry Technology at MBA. “These changes will enable MISMO to better serve its members and the industry by providing additional tools and resources to support collaboration and standards development efforts.”