MISMO Makes Significant Updates To Its Business Glossary
MISMO, the real estate finance industry’s standards organization, has made significant enhancements to the MISMO Business Glossary, an online resource of mortgage industry business terms and data point descriptions.
The MISMO Business Glossary contains more than 7,000 terms and definitions and includes content from MISMO and non-MISMO sources. The business-friendly glossary includes information about common business processes, events, terms, calculations, documents, forms and more.
“The Business Glossary provides a great training tool for users new to the mortgage/financial services industry,” said Rusty Emory, vice president, PrimeLending. “It also demonstrates how MISMO members from all areas of the mortgage business come together to provide a product that can benefit every member organization.”
“The addition of the hashtags related to the industry datasets will make it even easier to view data pertaining to the mortgage industry,” said Amy O’Connor, mortgage industry consultant. “I’m excited to help launch this iteration of the MISMO Business Glossary and am eager for industry participants to utilize it.”
A collaborative effort among industry organizations and MISMO Community of Practices, the glossary provides a new set of hashtags to help describe a set of terms associated with industry datasets, including the Uniform Appraisal Dataset for MISMO 2.6 (UAD), Uniform Loan Delivery Dataset for MISMO 3.0 (ULDD), Uniform Closing Dataset for MISMO 3.3 (UCD), Industry Loan Application Dataset for MISMO 3.4 (iLAD), and Uniform Loan Application Dataset for MISMO 3.4 (ULAD).
New terms were added specific to the Data Governance & Management Community of Practice Fit-for-Purpose framework (DG&M CoP), along with a set of enhancements to Business Reference Model’s Life of Loan product (BRef CoP). This iteration introduces MISMO version 3.5 acronyms and definitions, which will serve as a starting point for more acronyms in a future release.
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