MISMO
Encyclopedia
The Mortgage Industry Standards Maintenance Organization, (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association
(MBA). It is a developer of technology standards for both residential and commercial property transactions in USA market. By promoting improved data consistency, MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors. Ultimately MISMO standards should deliver cost savings to consumers.
, The Appraisal Institute
, The Property Records Industry Association, Commercial Mortgage Securities Association
and a number of other entities to build standards for both residential and commercial property transactions.
In the UK, the MISMO counterpart is Property Information Systems Common Exchange Standard PISCES Ltd and in Australia it is LIXI.
, including mortgage bankers, lenders, servicers, vendors and service providers, support MISMO’s efforts. MISMO’s Board of Directors, advised by a Governance Committee elected from a cross section of the industry, provides oversight for MISMO's administration and policy development. MISMO has working agreements with other major data standards development organizations and has developed a repository of industry data elements stored in a common data dictionary used to create all MISMO transactions.MISMO supports free and open access to the final releases of its standards, which enables companies to begin integrating MISMO standards into everyday business practices immediately.
Volunteers work interactively, using this Web site, electronic balloting, Listservs, a Web sharing platform, a wiki, conference calls, three face-to-face meetings per year, and periodic interim meetings. MISMO follows a democratic approach to the development and maintenance of a comprehensive set of standards and data points for all stages of the mortgage loan life cycle. Published specifications support the following processes:
May members use software that takes a service oriented architecture (SOA) approach (also known as "Software as a Service" (SaaS) model)
1. An XML
architecture that encompasses data origination, secondary market and servicing data
2. A data dictionary to provide business definitions and corresponding architecture data element tag names
It has been estimated that nearly 10,000 fields of data may be available within the Logical Data Model previously known as the Property Information Dictionary when the MISMO effort is complete.
MISMO constructs a standard approach using XML
whereby two business-related firms can streamline shared data contained in forms or reports.
As a point of clarification, MISMO does not dictate what kind of software to use or even the appearance of loan-documentation forms. Rather, it dictates how to format data sent to another party. This allows all parties to develop, run and maintain their own platforms while having uniform efficiency. MISMO provides the framework; it is up to the firms using the standards to decide which fields they will need and populate.
Mortgage Bankers Association
The Mortgage Bankers Association is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, DC, MBA represents over 3,000 member companies nationwide in an industry that employs approximately 350,000 people...
(MBA). It is a developer of technology standards for both residential and commercial property transactions in USA market. By promoting improved data consistency, MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors. Ultimately MISMO standards should deliver cost savings to consumers.
Affiliations and Related Bodies
MISMO has affiliations with Open Standards Consortium for Real Estate OSCREOSCRE
OSCRE or Open Standards Consortium for Real Estate is a Non-profit organization dedicated to the development of industry standards for data exchange...
, The Appraisal Institute
Appraisal Institute
The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional...
, The Property Records Industry Association, Commercial Mortgage Securities Association
Commercial Mortgage Securities Association
CRE Finance Council is an trade organization for the commercial real estate finance markets. It was formally known as "Commercial Mortgage Securities Association" and changed its name on March 23, 2010. The CRE Finance Council is headquartered in New York City's financial district at 30 Broad Street...
and a number of other entities to build standards for both residential and commercial property transactions.
In the UK, the MISMO counterpart is Property Information Systems Common Exchange Standard PISCES Ltd and in Australia it is LIXI.
Background
More than 150 subscriber organizations, including mortgage bankers, lenders, servicers, vendors and service providers, support MISMO’s efforts. MISMO’s Board of Directors, advised by a Governance Committee elected from a cross section of the industry, provides oversight for MISMO's administration and policy development. MISMO has working agreements with other major data standards development organizations and has developed a repository of industry data elements stored in a common data dictionary used to create all MISMO transactions.MISMO supports free and open access to the final releases of its standards, which enables companies to begin integrating MISMO standards into everyday business practices immediately.
Volunteers work interactively, using this Web site, electronic balloting, Listservs, a Web sharing platform, a wiki, conference calls, three face-to-face meetings per year, and periodic interim meetings. MISMO follows a democratic approach to the development and maintenance of a comprehensive set of standards and data points for all stages of the mortgage loan life cycle. Published specifications support the following processes:
- Underwriting,
- Mortgage insurance application,
- Credit reporting,
- Flood and title insurance,
- Property appraisal,
- Loan delivery,
- Product and pricing,
- Loan Servicing, and
- Secondary mortgage market investor reporting.
May members use software that takes a service oriented architecture (SOA) approach (also known as "Software as a Service" (SaaS) model)
MISMO and MERS
As of February 4, 2009, MISMO came under the management of Mortgage Electronic Registration Systems (MERS).XML Standards Approach
MISMO has identified two deliverables that will enable the mortgage industry to share data among trading partners.1. An XML
XML
Extensible Markup Language is a set of rules for encoding documents in machine-readable form. It is defined in the XML 1.0 Specification produced by the W3C, and several other related specifications, all gratis open standards....
architecture that encompasses data origination, secondary market and servicing data
2. A data dictionary to provide business definitions and corresponding architecture data element tag names
It has been estimated that nearly 10,000 fields of data may be available within the Logical Data Model previously known as the Property Information Dictionary when the MISMO effort is complete.
Why MISMO is Needed
Historically, information stored in documents (typically word-processor document or PDF) has been difficult to extract and transport into other applications or for other uses. Mortgage originators have had to copy and paste or transcribe information from third-party reports into their internal-review documents, spreadsheets, forms or internal systems. These efforts could be described as manual, error-prone and tedious. This slows down the process tremendously.MISMO constructs a standard approach using XML
XML
Extensible Markup Language is a set of rules for encoding documents in machine-readable form. It is defined in the XML 1.0 Specification produced by the W3C, and several other related specifications, all gratis open standards....
whereby two business-related firms can streamline shared data contained in forms or reports.
As a point of clarification, MISMO does not dictate what kind of software to use or even the appearance of loan-documentation forms. Rather, it dictates how to format data sent to another party. This allows all parties to develop, run and maintain their own platforms while having uniform efficiency. MISMO provides the framework; it is up to the firms using the standards to decide which fields they will need and populate.