A MISMO Milestone

*A MISMO Milestone*
**By Tony Garritano**

TonyG***PROGRESS in Lending has learned that MISMO has announced the elevation of Reference Model Versions 3.0 and 3.1 to “Recommendation” status. Recommendation status is the highest possible maturity level for a MISMO standard. The MISMO Residential Standards Governance Committee elevated Versions 3.0 and 3.1 to Recommendation status based on evidence of multiple successful industry implementations and the advice of the MISMO Architecture Workgroup.

****“The MISMO Reference Model and Logical Data Dictionary are the result of thousands of hours of effort and collaboration from volunteers across the mortgage industry,” says Harry Gardner, Chair of the Residential Standards Governance Committee and president of SigniaDocs. “We are grateful for their ongoing efforts and for the generous support of their companies as we continue to significantly expand and enhance the Reference Model in Version 3.3, to provide the mortgage industry with the framework needed to meet the fast-changing regulatory and compliance challenges we face today.”

****MISMO Version 3, first introduced in March 2009, was a significant shift forward for the MISMO standards. Development of Version 3 required that all Version 2.x standards be reconciled into a single XML Schema-based Reference Model providing common data definitions and data structures across multiple business lines. Version 3.0 was released as a Candidate Recommendation in December 2009 with emphasis on origination and loan delivery. Version 3.1 was released soon thereafter to include the remainder of the lifecycle.

****The MISMO reference models and supporting information are available at www.mismo.org.

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.