MISMO Creates New Data Governance and Management Forum

MBA NewsLink Staff

May 17, 2018

MISMO®, the mortgage industry's standards organization, seeks industry participation in a new forum to promote best practices in the areas of data governance and data management.

Those interested in collaborating with MISMO are invited to join MISMO's new Data Governance and Management Community of Practice (CoP), which will be responsible for building a framework and providing resources that enable organizations across the industry to leverage, adopt and implement data governance and management best practices in concert with adoption of MISMO industry standards.

"For an industry that is so rapidly adopting digital technologies, protecting data and ensuring data accuracy has become paramount," said MBA Vice President of Industry Technology Rick Hill. "By collaborating to establish an industry resource for data governance and management best practices, MISMO will offer a valuable resource for companies that would otherwise need to create their own methods for managing data. We anticipate the work created by this new group will be of enormous benefit to all industry participants who want to improve data quality and accountability."

Data management standards are needed to ensure the integrity, security and availability of mortgage data, especially when working with a variety of cloud-based and on-premise systems. The new MISMO group will identify and adopt existing data governance and management best practices wherever possible. As gaps are identified they will create and implement data governance and management best practices that can be used by mortgage industry participants as well as those in the MISMO community, with the goal of streamlining the adoption of MISMO standards throughout the mortgage industry.

Specifically, the Data Governance and Management Community of Practice will be tasked with creating a data governance strategy and operating model as well as a data accountability framework and templates for developing data quality rules, metadata and data lineage.

By joining the MISMO Data Governance and Management Community of Practice, participants will gain access to resources and expertise on data governance and management issues that impact their organizations.

Those interested in participating in this collaborative, industry-wide effort should send an email titled "Join MISMO Data Governance Group" to info@mismo.org by Friday, June 1.

The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common language for the residential finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.

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