MISMO Calls For Industry Input On New Version 3.6.1 Reference Model

MISMO, the real estate finance industry’s standards organization, is seeking public comment on the new Version 3.6.1 MISMO Reference Model, which includes new data points, containers, and enumerations to support regulatory requirements and other mortgage industry business content. The 60-day public comment period will run through April 20, 2025.

“The new version includes a series of updates and enhancements to support industry processes. Existing technical solutions require no change,” said Acting MISMO President Richard Hill.

The new Version 3.6.1 of the MISMO Reference Model updates and enhancements include the:

  *   Addition of data to support the bi-merge and credit modernization initiative and to enable trading partners to have the ability to clearly distinguish a credit request used to determine a consumer’s buying power versus a credit request to determine eligibility for an extension of credit;
  *   Ability to electronically procure valuations through the new MISMO Appraisal Procurement Dataset and data points to track reconsiderations of value (ROVs);
  *   New V3 SMART Doc® Security Instrument and Home Equity Line of Credit Agreement Specifications that provide the ability to electronically verify that data is consistent with information presented in a related document and that the data has not been modified;
  *   Addition of greater support for the origination and underwriting of a reverse mortgage;
  *   Addition of new fee type enumerations to align with fees commonly used by industry participants;
  *   Addition of new data points to enable efficient exchange of housing counseling data between housing counselors and lenders; and
  *   Maintenance changes to add data points, enumerated values, containers, and acronyms as appropriate.

The MISMO Reference Model includes an XML schema representation of the data and relationships that support industry business processes; a corresponding YAML file set that conforms to the OpenAPI specification; the logical data dictionary (LDD) which provides a business centric view of the model; and the MISMO SMART Doc® standards which provide formats for electronic formatting of documents; and more.

The Version 3.6.1 MISMO Reference Model package provided for public comment contains the Version 3.6.1 release notes and change list detailing included updates, XML schema files, YAML files, and the LDD.

The public comment period allows those who participated in the proposal at least 60-days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by  MISMO’s 2018 Intellectual Property Rights Policy.

MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products to disclose them at this time in writing. All comments and disclosures are due by April 20, 2025, and should be directed to [email protected]