MISMO Seeks Comment On The New Consumer-Facing Charge And Fee Guide
MISMO®, the real estate finance industry’s standards organization, is seeking public comment on a new Consumer-Facing Charge and Fee Guide. The 60-day public comment period runs through July 3, 2023.
MISMO developed this guide to promote the uniform application of fee names and descriptions for the purpose of creating consistency across the industry and to facilitate efforts to comply with regulations. These efficiencies ultimately reduce costs and save time for all parties involved.
The new Consumer-Facing Charge and Fee Guide will benefit lenders and vendors by providing a standard set of expected fee names and descriptions for the Loan Estimate and Closing Disclosure for commonly used fees.
The public comment period allows 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). Disclosures and comments should be directed to [email protected].
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 July 3, 2023, and should be directed to [email protected].
The Place for Lending Visionaries and Thought Leaders. We take you beyond the latest news and trends to help you grow your lending business.
