Freddie Mac To Adopt MISMO Version 3.0

[link=http://www.freddiemac.com][u]Freddie Mac[/u][/link] has announced that it will adopt the Mortgage Industry Standards Maintenance Organization (MISMO) Version 3.0 Reference Model, with a proposed implementation date in the fourth quarter of 2010.

‘The migration to an industry-wide data standard is key to supporting a more consistent and efficient mortgage lending process, including streamlining the exchange of loan data among all industry participants,’ Freddie Mac said in a statement, adding that it will maintain its existing loan delivery format while the transition to the new MISMO version takes place.

Version 3.0 is designed to simplify the ability to combine different types of data into the same electronic package, thus providing investors the ability to mine any data type in loan packages, streamline data management across all business transactions in the loan life cycle and simplify the application of electronic signatures.

SOURCE: Freddie Mac

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