MISMO Publishes Enhanced Reference Models
MISMO published enhancements to the MISMO Version 3.6 Reference Model and the new MISMO Version 3.6.1 Reference Model has reached “Candidate Recommendation” status, which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and are available for industry use.
“These new versions include a series of updates and enhancements to support numerous industry processes,” said MISMO Acting President Richard Hill. “Technology professionals also will note that this version is the first ever release by MISMO that is backwards compatible, which means that it can be adopted without negatively impacting previous technology implementations.”
Additions to the new 3.6.1 version include:
* Support for 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)
* Specifications for electronic Security Instruments and Home Equity Line of Credit Agreements. Also included is support for these documents in MISMO V3 SMART Doc® format, which provides the ability to electronically sign the documents, verify the data is consistent with information presented during signing, and that the data has not been modified since signing
* Enhanced support for the origination and underwriting of reverse mortgages
* Addition of new fee type enumerations to align with fees commonly used by industry participants
* New specifications to enable the exchange of housing counseling data to lenders
The updates to Version 3.6 include:
* The Enhanced Logical Data Dictionary (ELDD) – allows for easier searching, sorting, and filtering of data elements and definitions while showing how
* Addition of the Unique ID Matrix and the addition of the unique IDs to reference model artifacts – reduces the time, cost, and risk associated with implementing updates, minimizes disruptions to existing processes, and accelerates adoption of new MISMO versions across the mortgage ecosystem.
* Addition of YAML files – Enabling organizations to easily build MISMO compatible API’s
* Addition of JSON Schema files – Enables validation of API data to maintain alignment with the MISMO Reference Model.
MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee.
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