MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), has finalized the second iteration of demonstration examples for the MISMO residential Version 3.0 architecture. These deliverables, available on MISMO's Web site, are consistent with the milestone document outlining three distinct deliverables necessary to provide the industry with Version 3.0, a major architecture shift for the MISMO organization and the industry in 2008.
According to MISMO, the conversion from Version 2.x to Version 3.0 will create a common architecture and logical model for the real estate finance industry and will promote a centralized view of the mortgage transaction process, while providing explicit context and definitions. Version 3.0 will encourage broader adoption of MISMO standards across the industry.
‘We eagerly await feedback from organizations across the industry so that we can further refine the content and structure of the Version 3.0 architecture,’ says Harry Gardner, vice president of industry technology and head of MISMO. ‘Version 3.0 will provide the industry with a strong foundation for improved data quality and consistency – crucial to developing greater liquidity and transparency in the mortgage markets.’