After months of collaboration from volunteers within the mortgage industry, the Mortgage Bankers Association released its latest version of its MISMO reference model for public comment.

MISMO, the Mortgage Industry Standards Maintenance Organization, announced version 3.5 of its reference model was released, will be open for a 60 day public comment period.

The public comment period will remain open from Monday, April 9, 2018 through Sunday, June 3, 2018. The new version will then move into candidate recommendation status.

“The latest update to the MISMO standards follows months of collaboration and hard work among many volunteer industry leaders,” said Randy Poirier, Black Knight vice president of enterprise business intelligence at and MISMO Residential Standards Governance Committee chair.  “We are pleased to release this update for public comment and look forward to receiving feedback.”

The new version will have several updates including updates to support the trended credit data processes, enhanced default reporting data to support Veterans Administration programs, changes to support SEC Regulation AB-2 reporting requirements and changes to support updates from the Consumer Financial Protection Bureau to the Know Before You Owe reporting requirement and the Home Mortgage Disclosure Act reporting rule.

In addition to these updates, the MISMO 3.5 Reference Model supports:

  • Transfer of servicing and new debt collection data
  • New fee and fee process types to facilitate compliance with the CFPB’s Know Before You Owe 2.0 regulation
  • Technical changes that improve the ability to create and validate extensions (for example, custom extensions no longer require modifications to the XML schema)

“As the regulatory landscape continues to shift and new requirements emerge, the latest standards enable all mortgage organizations to reduce costs while improving communication and transparency,” MISMO Executive Vice President Rick Hill said.  “The consistent use of MISMO standards by regulators, housing agencies, the GSEs and other organizations ensures a common understanding across the industry.”

MISMO is also releasing its Version Compare Report to its members, which provides details on how containers, data points and enumerated values have changed across all version 3 releases.