MISMO Introduces Loan Limit API Specification

January 20, 2023 MISMO Press Release Technology

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Caitlin Groves

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WASHINGTON, D.C. (January 20, 2023) – MISMO®, the real estate finance industry's standards organization, today announced the release of the FIPS Code Lending Limit API Specification, which illustrates how to define an API for searching lending limits based on a property’s postal code and county name. This specification has achieved "Candidate Recommendation” status, has been thoroughly reviewed by a wide range of organizations and industry participants, and is available for use across the industry.

The Federal Housing Finance Agency (FHFA) publishes conforming loan limits annually for mortgages to be acquired by Fannie Mae and Freddie Mac (the GSEs), based on the FIPS code. Currently, there is no standardized mechanism for easily accessing this information.

“The FIPS Code Lending Limit API Specification is MISMO’s latest effort to define industry-wide standard interfaces for common business functions,” said Jan Davis, Acting President of MISMO. “This specification will guide the user through how to build lending limit API requirements, using the MISMO API Toolkit, for searching lending limits, and optionally the FIPS state and county codes, based on the postal code and county name of any property.”

The FIPS Code Lending Limit API Specification package includes:

  • Comprehensive information guide
  • A sample Business Analyst template to serve as a guide for users
  • Fillable, customizable Business Analyst Template  
  • Relevant YAML files

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join visit MISMO.org.