MISMO Recognizes Contributions to Data Standards

For the first time, the Mortgage Industry Standards Maintenance Organization, Washington, will recognize those that contribute to forming the XML standards published by the organization with a MISMO Staff Appreciation Award.

Gabe Minton, vice president of industry technology at the Mortgage Bankers Association, will give out the award at the MISMO Update XML Standards and Industry Compliance session to be held on Oct. 24 between 3:30 p.m.-4:45 p.m. The MBA describes the panel as one that will discuss the business implications of MISMO now and into the future.

"Everyone that contributes to MISMO is doing so on a voluntary basis," said Mr. Minton. "It's important to note that these individuals put in a lot of time to contribute to the standardization of the industry. I feel that it's important to recognize their efforts."

Mr. Minton said that for now there will be only one award given out, but next year he plans to expand the program to include more categories to recognize people for their efforts. "This year we'll stick to just one award," said Mr. Minton. "However, we will expand this to include more awards that are targeted to honor those people that help out the MISMO initiative."

It is Mr. Minton's intent to give out the award/awards at the MBA annual each year. MISMO conducts trimester meetings to discuss current upgrades and to qualify for the award all recipients must be members and attend the meetings.

The MBA describes MISMO's place in the industry as an organization that develops "far-reaching standards, specifications and guidelines for the mortgage industry. XML, e-mortgage and PKI security can streamline industry processes in areas ranging from origination through securitization-reducing paper, time and costs."

This year, MISMO made headlines when it officially started its compliance program. The issue was that some vendors were claiming to be compliant when in fact they were not. In order to cut through the hype, Mr. Minton initiated a compliance program.

The goal was to test the software to determine if it is truly compliant. Three companies, Bixby Consulting, Fair Isaac and Gallagher Financial Systems Inc., are MISMO-compliant in terms of their credit functionality.

There are three types of MXCompliance Services: verification, import and export. Verification is a service for businesses interested in purchasing certified products and services from organizations that are certified as MISMO-compliant. For a nominal fee, the verification service ensures that vendor products and services have maintained compliance with the products that were MXCompliance-certified.

The import and export services are used by applicants seeking certification of their product or service interfaces against MISMO standards. The cost of MXCompliance is based on the transaction being certified. A suite of MXCompliance trademarks have been designed that will be licensed to those organizations that pass the compliance standards successfully. Recertification will occur annually.

(c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

Next in Technology ►
More in Technology See All »