MISMO® Provides Stamp of Approval on Reference Model 3.4
WASHINGTON, D.C. (October 15, 2020) - MISMO®, the mortgage industry's standards organization, today announced that its widely-adopted MISMO 3.4 Reference Model has been upgraded to "Recommendation" status. This status is the highest possible maturity level that can be bestowed on a MISMO standard.
"The MISMO 3.4 Reference Model was created by a dedicated volunteer team to ensure industry compliance with new regulations and reporting requirements," said Rick Hill, Executive Vice President of MISMO and MBA Vice President of Industry Technology. "The 3.4 Reference Model is widely deployed across the industry as a crucial resource that allows professionals across the mortgage industry to share and exchange data."
MISMO 3.4, which has been thoroughly reviewed and implemented by a range of organizations and industry participants, supports myriad reporting and disclosure requirements for housing agencies, regulators, and the entire mortgage ecosystem. Without this common standard, lenders would have had to comply with multiple disparate requirements, thereby creating significant inefficiencies and further raising the cost of doing business.
Version 3.4 of the MISMO Reference Model includes enhancements to support the following activities and requirements:
- GSEs' Uniform Loan Application Dataset (ULAD);
- CFPB's Home Mortgage Disclosure Act (HMDA);
- Evidence of compliance with the CFPB's National Servicing Rule;
- Fee Types in support of TILA-RESPA Integrated Disclosures (TRID);
- HUD Document Types;
- GSEs Uniform Closing Dataset (UCD);
- Credit reporting liability trending data and credit score category version information.
The MISMO 3.4 Reference Model includes an XML schema representation of the data and relationships that support industry business processes and includes SMART Doc® standards, which provide formats for electronic formatting of documents. Another important component is the Logical Data Dictionary (LDD) which provides the business view of the information and relationships included in the MISMO Reference Model. The LDD includes standardized business names, definitions, enumerations, and much more all accessible in a business-friendly format.