Open Standards


MBA actively promotes the residential and commercial mortgage industries’ use of open data standards by all participants in mortgage transactions.

Proprietary data standards create inefficiencies in the development of applications and ultimately reduce many of the benefits of the online lending model. Open standards like those established by the Mortgage Industry Standards Maintenance Organization (MISMO) create true transactional seamlessness and reduce many of the costly manual processes involved in mortgage origination and servicing.

To facilitate the development and acceptance of online mortgage financing, MBA actively promotes the industry’s use of open data standards by all participants in mortgage transactions. MBA will continue to support its public agreement with Fannie Mae supporting its standardization activities, and will continue to work closely with Freddie Mac in the development of industry standards. MBA also will continue to monitor regulatory and legislative activity that could impact standards-setting bodies to ensure that open standards remain freely available for the industry.

Over the last several years, MBA has developed MISMO—a remarkable standards organization—which is now supporting over 1,000 participants, and is scoped throughout the residential and commercial mortgage processes ranging from origination activities all the way through to servicing and securitization activities in the secondary markets. With the addition of the commercial mortgage bankers to MISMO, MBA has created the means to allow a group its own autonomy and governance, while maximizing reuse of infrastructure and technical resources.

Other organizations and government entities can benefit from the MISMO model and standards. MBA can provide expert advice and infrastructure tools and technologies to organizations seeking to create extensible data and eMortgage standards. MBA and MISMO will continue to participate and support government standards development activities and share technology and processes with these entities to help further their objectives with the goal of achieving new and more inclusive interoperability with government organizations “out of the box” with the MISMO standards in the future.