The nonprofit data standards group for the mortgage industry released the latest version of its reference model for a 30-day intellectual property rights review, the final step before MISMO Version 3.2 reaches the final “Recommendation” status for implementation.
The Mortgage Industry Standards Maintenance Organization’s 30-day IPR review lets any companies or officials take a final look at the data standards specifications to ensure that they do not violate any companies’ intellectual property rights. MISMO has detailed policies to ensure that the technology its volunteer corps develops is open and accessible to all industry participants, both to promote broad industry use and to avoid running afoul of antitrust regulations.
The Reference Model is currently in what’s known as “Candidate Recommendation” status, meaning that MISMO volunteers have tested and vetted the data standards to ensure that they’re functional.
The Version 3.2 Reference Model contains numerous improvements from MISMO’s 19 residential mortgage workgroups, including updates to reflect the XML standards established by Fannie Mae and Freddie Mac for the Uniform Mortgage Data Program and specifically the GSEs’ appraisal document format, called the Uniform Appraisal Dataset.
The update also includes enhanced data relationships, increased extensibility, improved attribute definition and handling and support for open content model abstraction, according to an announcement by the Mortgage Bankers Association, which owns MISMO.
Since implementing the Version 3 architecture in December 2009, MISMO has made significant strides in not only providing consistent data standards for different segments of mortgage technology, but also ensuring that data definitions and standards relate to each other with a common data dictionary across all the residential workgroups.
