Fannie Mae, Freddie Mac to Accept New MISMO Version

Freddie Mac will now accept MISMO Version 3.0 standards around appraisal and loan delivery, joining Fannie Mae, which it said it would earlier this year. Specifically, Freddie has started the planning process for adopting MISMO Version 3.0 for loan delivery. Freddie said it is "exploring a fourth-quarter 2010 implementation date and will communicate additional details about our plans in the near future." The GSE called the migration to an industry-wide data standard "key to supporting a more consistent and efficient mortgage lending process, including streamlining the exchange of loan data among all industry participants." During the transition process Freddie will continue to support the current loan delivery format to provide lenders with time to adopt the new standard. MISMO Version 3.0 is schema-based and offers greater transparency and visibility in every aspect of a given loan.