marketanalysis

Kudos For Industry Standards

*Kudos For Industry Standards*
**By Tony Garritano**

***As you all should know by now, I’m a huge supporter of MISMO. I am not allowed to directly participate, but I have in the past and will continue to do everything I can to raise awareness about the positives of embracing industry data standards through MISMO. Being data centric, ensuring data accuracy and quality is very important in our highly regulated industry. On this topic, I heard yesterday that MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), released the Version 3.2 Reference Model (Candidate Recommendation) for a 30-day intellectual property rights (IPR) review. The IPR review period is the final opportunity for entities to submit any concerns over intellectual property infringement within the standard. Here’s what this means to you:

****Version 3.2 is a significant step forward in the evolution of the MISMO Reference Model and is the result of hard work and cross-collaboration among many participants in the mortgage industry. This version is a fully self-contained release of the MISMO Reference Model that includes the following new features, revisions and improvements from previous versions:

****>> Additional data elements and containers

****>> Enhanced data relationships

****>> Increased extensibility

****>> Improved attribute definition and handling

****>> Support for open content model abstraction

****Full details on the enhancements can be found in the Release Notes document included in the Version 3.2 Candidate Recommendation download from the MISMO website at: http://www.mismo.org/Specifications/ResidentialSpecifications.htm.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.