The Mortgage Industry Standards Maintenance Organization will release two residential mortgage data standard updates in November 2014 and July 2015.
MISMO's residential standards governance committee said in a press release Tuesday that the new standards on loan data exchange transactions and corporate data formatting models of a residential mortgage loan lifecycle will be available for industry review and public comment before the official release dates. A draft of Version 3.3.1 model is will be reviewed at the MISMO Fall Summit on September 22-26, 2014.
Version 3.3.1, slated for release in November, is designed to be backwardly compatible, which will allow its Version 3.3 reference model to continue to work if applied to Version 3.3.1. All requests for updates to the existing model must be filed to the MISMO Core Data Structures workgroup by Sept. 3, after which requests will be considered for inclusion in subsequent versions.
MISMO also said it has not yet determined whether the standards it publishes in July 2015 will be a backwardly-compatible minor release labeled Version 3.3.2, or a non-backwardly compatible major release labeled Version 3.4. Requests for such updates to the model must be submitted to MISMO by April 1, 2015. Draft versions of these versions will be available for review on May 1, 2015.
The mortgage industry is facing an extraordinary number of new regulations and reporting requirements, MISMO noted in the press release , hence the updates aim "to respond quickly to industry needs while providing a clear timeline for industry to follow."