The Mortgage Industry Standards Maintenance Organization plans to simplify its membership structure, the Mortgage Bankers Association announced.
MISMO will merge its existing tiers into a single membership level for corporate members, with the change going into effect Jan. 1 of next year, the MBA said in a news release Monday. The organization is pursuing the change to spur increased participation and expanded creation and use of standards across the industry.
"We expect that the simplified membership structure, along with increasing membership benefits, will encourage greater participation in the organization," said Bill Beckmann, MISMO board chairman and chief executive of MERSCORP.
"Increased participation will provide for a broader and deeper set of perspectives when standards are developed, which should continue to result in improved standards for all parts of the mortgage industry."
Per the shift to a single membership level, all corporate MISMO members will be charged $2,500 in dues, which equates to the current Silver Level Membership that is the minimum fee for most corporate members at this time. The individual contributor membership rate will remain $500 per year for those who don't work for corporations or the government.
MISMO will also adjust all memberships to a calendar term, beginning Jan. 1 and ending Dec. 31.
The organization also said it plans to expand the benefits available to members, including new products, tools and services, for no additional charge. Versions of MISMO's standards will remain freely available to the public.
