The Mortgage Industry Standards Maintenance Organization (MISMO) recently released version 3.4 of its MISMO Reference Model, a standard for mortgage data exchange.
The new version, now open for public comment, includes enhancements specific to the Consumer Financial Protection Bureau's (CFPB) Know Before You Owe or TILA-RESPA Integrated Disclosures (TRID) rule; the CFPB's proposed Home Mortgage Disclosure Rule (HMDA); the government sponsored enterprises' Uniform Closing Dataset (UCD) and Uniform Loan Application Dataset (ULAD); evidence of compliance with the CFPB's National Servicing Rule; HUD document types; foreclosure and bankruptcy data; and credit reporting liability trend and credit score category version information.
The public comment period will remain open through Friday, Dec. 4, following which it will be elevated to candidate recommendation status.
In a release, Rick Hill, executive vice president of MISMO says ‘the collaboration within MISMO among the lending community, service providers, government, investors and others is instrumental in developing standards that solve business problems. MISMO and its many active participants are pleased to provide this update to help industry respond to new regulations in a timely manner.’