MISMO Seeks Public Input for New Mortgage Reference Model

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MISMO is seeking public comment on Version 3.6 of the MISMO Reference Model, which includes new data points and structures related to a number of important industry business, regulatory and investor changes. Version 3.6 of the MISMO Reference Model is the culmination of a multi-year collaborative effort amongst hundreds of volunteer contributors from across the mortgage industry ecosystem.

The 90-day public comment period will run through December 16, 2022.

“The MISMO Reference Model is the foundation for most MISMO standards today and for many MISMO-based proprietary products such as the GSEs’ Uniform Mortgage Data Program (UMDP) exchanges,” says Seth Appleton, president of MISMO. “Version 3.6 is the result of thousands of hours of collaboration by MISMO volunteers from across the spectrum of industry stakeholders, and our new standard will shape every new API, dataset, and SMART Doc in the coming years.”   

Included in Version 3.6 of the MISMO Reference Model are updates and enhancements to support the GSEs’ updated residential appraisal data exchange, Uniform Appraisal Dataset (UAD); private label RMBS rating agency asset valuation data exchange for faster, more efficient and more accurate due diligence necessary for securitizing private label residential mortgages; and exchange of closing instructions, improving communications and avoiding delays during closing between the lenders and closing agents. It also offers the ability to electronically verify that data is consistent with information presented in a document, such as the loan application, and that the data has not been tampered with putting trust into the data through the Version 3 Verifiable Profile SMART Doc standard. There are enhancements to the MISMO API Toolkit, leveraging MISMO’s initiative to develop standards for consumer transactions, and a FIPS Code API that returns loan limits based on zip code of the subject property address. It has new document data mappings for several industry forms including the VA Form 1880, Adverse Action, 4506T and 4506C as well as maintenance changes to add, change and deprecate data points, enumerated values and containers, as appropriate.

The MISMO Reference Model includes a logical data model which makes it easier for organizations to communicate with business partners regardless of the technologies they choose; an XML schema representation of the data and relationships that support industry business processes; the logical data dictionary (LDD) which provides a business centric view of the model; and the MISMO SMART Doc standards which provide formats for electronic formatting of documents; and more.

The Version 3.6 MISMO Reference Model package provided for public comment contains the Version 3.6 release notes and change list detailing included updates, the logical data model, XML schema files, and the LDD.

This public comment period allows 90 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing.

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