The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA) and managed by MERS, is the leading technology standards development body for both the Residential and Commercial industry segments. MISMO promotes data consistency throughout the broader industry, reduces processing costs, increases transparency, and boosts investor confidence in mortgages as an asset class, while passing cost savings on to the consumer.

Mission Statement

MISMO was created to promote and support the common business interests of the Commercial and Residential Mortgage Markets.  Its mission is to benefit industry participants and consumers of mortgage and investment products and services by:

  • Fostering an open process to develop, promote, and maintain voluntary electronic commerce procedures and standards for the mortgage industry, and
  • Enabling mortgage lenders, investors, servicers, vendors, borrowers, and other parties to exchange real estate finance-related information and eMortgages more securely, efficiently and economically.

Background

More than 150 subscriber organizations, including mortgage bankers, lenders, servicers, vendors and service providers, support MISMO’s efforts. MISMO’s Board of Directors, advised by a Governance Committee elected from a cross section of the industry, provides oversight for MISMO's administration and policy development. MISMO has working agreements with other major data standards development organizations and has developed a repository of industry data elements stored in a common data dictionary used to create all MISMO transactions.MISMO supports free and open access to the final releases of its standards, which enables companies to begin integrating MISMO standards into everyday business practices immediately.

Volunteers work interactively, using this Web site, electronic balloting, Listservs, a Web sharing platform, a wiki, conference calls, three face-to-face meetings per year, and periodic interim meetings. MISMO follows a democratic approach to the development and maintenance of a comprehensive set of standards and data points for all stages of the mortgage loan life cycle. Published specifications support the following processes:

  • Underwriting,
  • Mortgage insurance application,
  • Credit reporting,
  • Flood and title insurance,
  • Property appraisal,
  • Loan delivery,
  • Product and pricing,
  • Loan Servicing, and
  • Secondary mortgage market investor reporting.

MISMO has identified two deliverables that will enable the mortgage industry to share data among trading partners.

  • An XML architecture that encompasses data origination, secondary market and servicing data
  • A data dictionary to provide business definitions and corresponding architecture data element tag names

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