MISMO, the real estate finance industry’s standards organization, is seeking public comments on the latest version of the MISMO Life of Loan Process Model, and an updated version of the MISMO Business Glossary. The 30-day public comment period runs through Tuesday, September 5, 2023.
The MISMO Life of Loan Process Model is an interactive business process model that allows users to view MISMO products within the context of a typical mortgage’s life cycle. Industry practitioners can use the tool to access information about MISMO products within the context of the related business process. MISMO Life of Loan uses Business Process Model and Notation (BPMN™), a widely used standard for documenting business processes created by the Object Management Group.
Highlights of the MISMO Life of Loan Version 2023.01 include:
- Added or updated processes
- Continued refactoring Servicing process for BPM conformity
- Added Perform Housing Counseling to the Life of Loan narrative and online process model
- Added Perform State and Compliance Tests to the Life of Loan narrative and online process model
- Added Respond to Regulatory Examination Requests to the Life of Loan narrative and online process model
- Added Perform ESG Activities to the Life of Loan narrative
- Added Produce Fee Sheet to the Life of Loan narrative
The MISMO Business Glossary is a business-friendly collection of terms and definitions representing content from MISMO and non-MISMO sources. The glossary includes information about common business processes, business events, business terms, calculations, documents, and forms. This updated version release includes MISMO product and standard updates and general maintenance updates.
The public comment period allows those who participated in the proposal at least 30-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 should be directed to [email protected].
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