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MBA to Update Mortgage Standards Under MISMO, Seeking Comments

An updated version of MISMO’s Residential Reference Model is scheduled to be released for public comment at the end of September 2013, according to MISMO’s Residential Standards Governance Committee.

The updated Version 3.3 of the MISMO Reference Model will include updates associated with a number of new regulations and reporting requirements facing the mortgage industry.

The new version will also include updates to other areas of the Reference Model to facilitate the exchange of information across the industry. 

By August 9, 2013, all revision requests from MISMO workgroups must be submitted to the MISMO Core Data Structures Workgroup, according to a release from the Mortgage Bankers Association (MBA). Any requests for updates to the Reference Model received after the August 9th deadline will be considered for inclusion in subsequent versions. 

By September 20, 2013, the Core Data Structures Workgroup will have reviewed the requests and updated model. 

The MISMO Architecture Workgroup will then review the recommended changes at the Fall MISMO Summit and Workshop September 23-27, where the Workgroup is expected to vote to elevate the model to Public Comment Status. 

Upon release of the updated model for public comment, MISMO will provide details of the updates associated with Version 3.3 in the form of Release Notes.

An acronym for the Mortgage Industry Standards Maintenance Organization, MISMO is the standards development body for the mortgage industry.

Written by Jason Oliva

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