The Mortgage Industry Standards Maintenance Organization (MISMO) has released version 3.3 of its Residential Reference Model, which will now undergo a 30-day intellectual property rights review.
The new version includes new data points and structures related to a number of recent regulatory and reporting requirements, including the Consumer Financial Protection Bureau's (CFPB) Integrated Closing Disclosures, HOEPA High Cost Loans, GSE's Uniform Mortgage Data Program, Federal Housing Administration's Automated Underwriting (TOTAL Scorecard) and Ginnie Mae's Pool Data Delivery dataset. A strengthened and enhanced Logical Data Dictionary format is also being rolled out with Version 3.3.
In addition, MISMO has released the official Version 3 Reference Model General Information Guide, which is designed to provide industry participants with an overview of the 3.x version of the Reference Model.
‘In today's environment, it is particularly critical that the mortgage industry work together to facilitate a more efficient path to implementation via industry standards,’ says Mike Fratantoni, chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association and president of MISMO, in a release. ‘Version 3.3 is a perfect example of this collaboration since the standard now includes all data points necessary to implement the CFPB integrated disclosures as required by RESPA/TILA. Now the industry can concentrate on implementing disclosure requirements by August 2015.’
The new version is currently under candidate recommendation status, which means it has been thoroughly reviewed by a range of organizations and industry participants and that MISMO feels it is now ready for industry use. The review period is the final opportunity for entities to submit concerns over intellectual property infringement within the standard.
‘The evolution and availability of Version 3.3 of the MISMO Reference Model is an important step forward for MISMO, given the current regulatory environment,’ says Randy Gilster, senior vice president at Wells Fargo and chair of the MISMO Residential Standards Governance Committee. ‘This achievement is the culmination of countless hours of thoughtful consideration by many contributing representatives across the loan lifecycle. Their domain knowledge, dedicated commitment and collaborative efforts resulted in a comprehensive release for the mortgage industry.’
The review period for both the reference model and general information guide will run through Tuesday, March 18.