Government Loan Standards Set for MISMO Publication

Electronic mortgage standards for government loans are slated to be published through the Mortgage Bankers Association's Mortgage Industry Standards Maintenance Organization subsidiary and paired with a single Government Underwriting System.Specifically, the standards are scheduled to be set for Federal Housing Administration, Veterans Administration and rural development products, according to an announcement made at the MBA's technology conference in Tampa, Fla. One panelist at a MISMO update session characterized Ginnie Mae's participation as the ultimate validation of MISMO as a standards body for the mortgage industry. MBA technology vice president Gabe Minton told attendees that 2,500 mortgage professionals now participate in MISMO listservs. He said that mortgage lenders not involved in MISMO would find themselves having to live with standards developed by others.