MISMO Updates Fee Naming Guide
MISMO has added more than 40 new standardized fee names and definitions to its Fee Naming Guide. The additions to the Guide are intended to further standardize the use of names and descriptions for fees used across the mortgage industry, enabling better communication across all parties.
“MISMO developed this guide to promote the uniform usage of fee names and descriptions for the purpose of creating consistency across the industry and to facilitate efforts to comply with regulations,” said MISMO Acting President Rick Hill. “These efficiencies ultimately reduce costs and save time for all parties involved.”
The recent updates include the addition of over 40 new fee types that were developed through industry collaboration in the Fee Modernization Development Workgroup. These new Fee Types were also included in MISMO’s recent release of version 3.6.1 Reference Model.
MISMO is seeking public comments on revisions to the previously published Consumer-Facing Charge and Fee Naming Guide. The 30-day public comment period will run through August 7, 2025.
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