Version 3.3.1 Of MISMO Residential Reference Model Gets Final Review

Posted by Patrick Barnard on March 10, 2015 No Comments
Categories : Residential Mortgage

Version 3.3.1 of the Mortgage Industry Standards Maintenance Organization's (MISMO) Residential Reference Model is currently undergoing a 30-day intellectual property rights (IPR) review.

Now in ‘candidate recommendation’ status, the new release will be thoroughly reviewed by a wide range of organizations and industry participants to ensure that it doesn't infringe upon any existing intellectual property rights.

Other than that, the new standard is ready for the mortgage industry to use in implementations, the group says.

‘MISMO is taking important steps to assist industry participants by enhancing the predictability of releases and ensuring that the standard includes the necessary information to support industry implementations.’ explains Richard Hill, executive vice president of MISMO and vice president, industry technology at the Mortgage Bankers Association, in a statement. ‘In fact, the collaboration of industry participants working together to solve business issues is especially important given today's ever changing regulatory environment.’

Version 3.3.1, which is backward compatible with version 3.3, includes new data points and structures to support regulatory requirements and additions in the areas of mortgage insurance coverage and conditions, title, payoff and property valuation.

In addition to the logical data dictionary, XML schema and release notes MISMO has added schema comparison reports and Java bindings reference materials to this new release.

MISMO has also released a white paper, ‘Consumer Financial Protection Bureau (CFPB) Integrated Disclosures Loan Estimate Form Mapping and Decision Model and Notation Rule Exchange,’ for review.

The Loan Estimate Form Mapping section of the white paper provides a comprehensive mapping of the CFPB's Loan Estimate Form to version 3.3 of the Reference Model. In general, ‘mapping’ means the data fields in a mortgage form can be accurately transferred to the proper data fields in a lender's system of record (i.e., loan origination system) or other system. The ‘library’ ensures that the data fields used in mortgage documents, as well as in separate systems, use the same names or abbreviations for consistency and accurate transfer.

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