MISMO Launches New Update to Tackle Federal Mortgage Rules

The Mortgage Industry Standards Maintenance Organization (MISMO) Friday launched a new update that covers recent federal mortgage regulations and reporting requirements. 

Version 3.3. of the MISMO Residential Reference Model includes new data points and structures related to a number of recent regulatory and reporting requirements, including the Consumer Financial Protection Bureau’s (CFPB) Integrated Closing Disclosures.

The update also covers HOEPA High Cost Loans, GSEs Uniform Mortgage Data Program, FHA Automated Underwriting and Ginnie Mae’s Pool Data Delivery dataset.

The update will also include enhanced Logical Data Dictionary format is also being rolled out with the latest Version 3.3, and will help the mortgage industry facilitate a more efficient path to implementation via industry standards, said Mike Fratantoni, chief economist at MBA and president of MISMO, in a Mortgage Bankers Association (MBA) release.

“Version 3.3 is a perfect example of this collaboration since the standard now includes all data points necessary to implement the CFPB integrated disclosures as required by RESPA/TILA,” Fratantoni stated in the release. “Now the industry can concentrate on implementing disclosure requirements by August 2015.” 

The “candidate recommendation” status denotes that Version 3.3 has been thoroughly reviewed by a range of organizations and industry participants.

The IPR review period is the final opportunity for entities to submit concerns over intellectual property infringement within the standard. 

“The evolution and availability of Version 3.3 of the MISMO Reference Model is an important step forward for MISMO given the current regulatory environment,” stated Randy Gilster, senior vice president at Wells Fargo and chair of the MISMO Residential Standards Governance Committee.

In addition to the release of the Reference Model, MISMO also announced the release of the MISMO Version 3 Reference Model General Information Guide.

The IPR review period for both the Reference MOdel and General Information Guide will be open from February 17, 2014 through March 18, 2014.

Written by Jason Oliva

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