MISMO Releases Version 3.5 of its Residential Standards for Public Comment

Ali Ahmad
(202) 557- 2727

WASHINGTON, DC (April 9, 2018) - MISMO, the Mortgage Industry Standards Maintenance Organization, announced Version 3.5 of the MISMO Reference Model has been released for a 60 day public comment period.  The public comment period will remain open from Monday, April 9th, 2018 through Sunday, June 3rd, 2018.  Version 3.5 is expected to be elevated to Candidate Recommendation status thereafter.

"The latest update to the MISMO standards follows months of collaboration and hard work among many volunteer industry leaders," said Randy Poirier, Vice President Enterprise Business Intelligence at Black Knight and Chair, MISMO Residential Standards Governance Committee.  "We are pleased to release this update for public comment and look forward to receiving feedback."

MISMO Version 3.5 includes updates to support 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 made by the  Consumer Financial Protection Bureau (CFPB) to the Know Before You Owe reporting requirements as well as the Home Mortgage Disclosure Act (HMDA) reporting rule.

 "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," said Rick Hill, Executive Vice President of MISMO.  "The consistent use of MISMO standards by regulators, housing agencies, the GSEs and other organizations ensures a common understanding across the industry."

In addition to the updates noted above, 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" (TRID) regulation
  • Technical changes that improve the ability to create and validate extensions (e.g., custom extensions no longer require modifications to the XML schema)

Concurrent with the release of Version 3.5 to public comment MISMO is releasing an updated version of the Version Comparison Report.  The Version Compare Report, available to MISMO members, provides details on how containers, data points, and enumerated values have changed across all Version 3.x releases.

Version 3.5 contains some changes that are not compatible with previous releases. For a complete listing of updates available in Version 3.5, or to download the new standard, please click here. Any comments regarding Version 3.5 should be e-mailed to info@mismo.org.

Use of the MISMO standards is governed by the MISMO Intellectual Property Rights (IPR) Policy. Version 3.5 of the MISMO Reference Model has been grandfathered under the 2004 MISMO IPR policy.  For more information on the policy, please click here