MISMO® Seeks Input on New Business Glossary

Adam DeSanctis
(202) 557-2727

WASHINGTON, D.C. (September 16, 2019)MISMO®, the mortgage industry's standards organization, is seeking industry feedback during a 60-day public comment period on its new Business Glossary, an online educational resource of industry business terms and data point descriptions, created for mortgage professionals.

"MISMO's online Business Glossary was designed for the mortgage industry to be a leader in web-based resources," said Amy O'Connor, Product Owner, Quicken Loans, and a co-chair of MISMO's Business Glossary work group. "Its clean look and use of hashtags to facilitate searches on specific topics, will help mitigate risk, improve consumer understanding and satisfaction, and reduce costs for our industry."

The Business Glossary has features that permit flexible queries on key terms and includes information about common business processes, business events, business terms, calculations, documents, forms and more. Content was derived from several MISMO sources, including MISMO standards, the eMortgage Glossary, the Business Reference Model, and Logical Data Dictionary (LDD). Additionally, the Business Glossary includes the Mortgage Bankers Association's (MBA) own business glossary of mortgage banking terms, which for the first time will be available in an online format.

MISMO's Business Glossary will be available for public comment until November 18, 2019. Industry participants who have comments or questions about the MISMO Business Glossary may contact MISMO at info@mismo.org. As a benefit to MISMO members, a special feature will permit them to download content in an Excel document.

MISMO participants, who developed the MISMO Business Glossary, will be afforded at least a 30 day notice prior to final release to review the exchange and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should also be directed to info@mismo.org. At this time, MISMO also requests that organizations disclose in writing any patents and patent applications that might be infringed by an organization that uses the MISMO Business Glossary.   

The release and use of MISMO standards and other resources, including the MISMO Business Glossary, are governed by the MISMO Intellectual Property Rights (IPR) Policy. For more information on the policy, please click here.

For more information about MISMO, visit www.mismo.org