MISMO announced that its 3.4 Reference Model has been upgraded to “recommendation” status, which is said is the highest maturity level that can be placed on a MISMO standard.
“The MISMO 3.4 Reference Model was created by a dedicated volunteer team to ensure industry compliance with new regulations and reporting requirements,” said Rick Hill, executive vice president of MISMO and MBA vice president of industry technology. “The 3.4 Reference Model is widely deployed across the industry as a crucial resource that allows professionals across the mortgage industry to share and exchange data.”
MISMO 3.4 supports a myriad of reporting and disclosure requirements for housing agencies, regulators, and the entire mortgage ecosystem. MISMO said without this common standard, lenders would have had to comply with multiple disparate requirements, thereby creating significant inefficiencies and further raising the cost of doing business.
MISMO said its 3.4 Reference Model includes an XML schema representation of the data and relationships that support industry business processes and includes SMART Doc standards, which provide formats for electronic formatting of documents.