MISMO

Mission MISMO states its mission is “to drive standardized data and information and improved business practices between all mortgage stakeholders through collaborative and innovative initiatives that improve efficiency, reduce costs and facilitate stakeholder success.” The organization says it is committed to fostering an open process to develop, promote and maintain industry standards. Membership Membership in MISMO is open to any organization involved in the mortgage industry, including mortgage lenders, banks, credit unions, mortgage servicers, third-party vendors and individuals. Membership includes an End-User License and/or a Distributor License for use of MISMO standards, access to MISMO standards, and access to MISMO Connect, the organization's members-only online collaboration tool. In 2017, MISMO changed from a tiered membership structure to single type of membership and rate for all corporate members but kept its existing individual contributor membership. Leadership MISMO is led by a board of directors that oversees MISMO's administration and policy developments. The board is advised by residential and commercial standards governance committees as well as strategic planning, education, and membership and revenue committees. Committee members are elected from a cross section of MISMO members. == Standards Development ==

MISMO standards are established through a voluntary, collaborative process. Subject matter experts from all sectors of the mortgage finance industry are invited to participate in the process, but only MISMO members may vote on proposed standards. Standards are created through individual workgroups and "communities of practice." As of August 2018, MISMO has a total of 21 workgroups and communities of practice. Topics range from blockchain technology, eNote validation rules, eMortgages, closing instructions and others. MISMO members can request the creation of a new workgroup or community of practice, which need to be approved by MISMO's governing board. In addition to standards and specifications, MISMO develops implementation guides and toolkits to help other organizations adopt standards and to solve their various business issues. MISMO has also published a Business Glossary, an online resource of common mortgage industry business terms and data point descriptions that are used with MISMO standards. == Other Activities ==

Education MISMO provides courses and webinars to help lenders adopt technology and prepare for future technology advancements impacting the mortgage industry. Topics include eMortgages, "MISMO Fundamentals" and the Home Mortgage Disclosure Act (HMDA). Certifications MISMO offers several certification programs for organizations and professionals. The Certified MISMO Standards Professional (CMSP) is a point-based certification program for professionals who demonstrate advanced knowledge of MISMO standards and best practices. The MISMO Software Compliance Certification is designed for technology companies that can demonstrate their products comply with MISMO standards. There are two certification levels, "Standard" and "Premier." MISMO also offers a TILA RESPA Integrated Disclosures (TRID) Certification program for companies that use MISMO standards and best practices appropriately on mortgage loan disclosures that lenders must give borrowers. == Affiliations and Related Bodies ==

MISMO has affiliations with The Appraisal Institute, The Property Records Industry Association, the American Land Title Association, CRE Finance Council and a number of other entities to build standards for both residential and commercial property transactions. Parent MISMO is a wholly owned subsidiary of the Mortgage Bankers Association. ==See also==