The Mortgage Bankers Association (MBA) is taking over the management of the Mortgage Industry Standards Maintenance Organization Inc. (MISMO) from MERSCORP Inc., parent company of Mortgage Electronic Registration Systems Inc. Management duties will transfer to the MBA on Dec. 1.
‘MERSCORP successfully managed MISMO during an important period of technical and technological development for MISMO, and a period of significant change for our industry," says MBA President and CEO David H. Stevens. "With the successful launch of the MISMO 3.0 reference model, MISMO can now shift to focus efforts on regulatory implementation and advocating for broader adoption throughout the industry."
"The MBA and MERSCORP came to the conclusion that with this shift in focus, management should return to MBA, where MISMO adoption efforts can be synchronized with MBA advocacy," Stevens adds.
Bill Beckmann, MERSCORP president and CEO, said MERS will continue to work to encourage adoption of MISMO standards.