MORTGAGE INDUSTRY STANDARDS MAINTENANCE ORGANIZATION INC
1919 M STREET NO 5TH FL, WASHINGTON, DC 20036 www.mismo.org

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Organizations Filed Purposes: TO DRIVE STANDARDIZED DATA AND INFORMATION AND IMPROVED BUSINESS PRACTICES BETWEEN ALL MORTGAGE STAKEHOLDERS THROUGH COLLABORATIVE AND INNOVATIVE INITIATIVES THAT IMPROVE EFFICIENCY, REDUCE COSTS AND FACILITATE STAKEHOLDER SUCCESS.

MISMO IS THE STANDARDS DEVELOPMENT BODY FOR THE MORTGAGE INDUSTRY. MISMO DEVELOPED A COMMON LANGUAGE FOR EXCHANGING INFORMATION FOR THE MORTGAGE FINANCE INDUSTRY. MISMO STANDARDS ARE ACCEPTED AND DEPLOYED BY EVERY TYPE OF ENTITY INVOLVED IN CREATING MORTGAGES, AND THEY ARE REQUIRED BY MOST REGULATORS, HOUSING AGENCIES AND THE GSES THAT PARTICIPATE IN THE INDUSTRY. MISMO STANDARDS, RESIDENTIAL AND COMMERCIAL, ARE GROUNDED IN AN OPEN PROCESS TO DEVELOP, PROMOTE AND MAINTAIN VOLUNTARY CONSENSUS-BASED STANDARDS THAT ALLOW PARTICIPANTS IN THE MORTGAGE INDUSTRY SUCH AS MORTGAGE LENDERS, INVESTORS IN REAL ESTATE AND MORTGAGES, SERVICERS, INDUSTRY VENDORS, BORROWERS AND OTHER PARTIES TO EXCHANGE INFORMATION AND MORE SECURELY, EFFICIENTLY AND ECONOMICALLY.

STANDARDS DEVELOPMENT:THE MORTGAGE INDUSTRY STANDARDS MAINTENANCE ORGANIZATION (MISMO) WAS STARTED IN 1999 BY THE MORTGAGE BANKERS ASSOCIATION (MBA) TO PROMOTE, COORDINATE, AND FACILITATE THE MORTGAGE INDUSTRY'S EFFORTS TO CREATE STANDARDIZED ELECTRONIC REAL ESTATE FINANCE TRANSACTIONS. MISMO BECAME A NOT-FOR-PROFIT SUBSIDIARY OF MBA IN 2004. MISMO MEMBERS PAY ANNUAL DUES ON A CALENDAR YEAR BASIS.MORTGAGE BANKERS, LENDERS, SERVICERS, VENDORS AND SERVICE PROVIDERS DEVELOP AND USE MISMO STANDARDS. MISMO STANDARDS ARE ACCEPTED AND DEPLOYED BY EVERY TYPE OF ENTITY INVOLVED IN CREATING MORTGAGES, AND THEY ARE REQUIRED BY MOST REGULATORS, HOUSING AGENCIES AND THE GSES THAT PARTICIPATE IN THE INDUSTRY. THESE STANDARDS PROMOTE DATA QUALITY AND CONSISTENCY THROUGHOUT THE INDUSTRY. THEY REDUCE COSTS, INCREASE TRANSPARENCY, AND BOOST INVESTOR CONFIDENCE IN MORTGAGES AS AN ASSET.MISMO'S ACHIEVEMENTS DURING FY19 FOCUSED ON THE CONTINUITY OF OPERATIONS, STABLE SUPPORT OF SYSTEMS INFRASTRUCTURE, SUPPORT FOR SIGNIFICANT BUSINESS AND TECHNICAL STANDARDS DEVELOPMENT ACTIVITY, DEVELOPMENT OF A STRATEGIC ROADMAP FOR THE FUTURE STATE OF MISMO, SIGNIFICANT DEVELOPMENT WORK ON NEW MODEL COMPONENTS IN SUPPORT OF FUTURE STATE INCLUDING WORK ON THE TECHNOLOGY AGNOSTIC LOGICAL DATA MODEL; AND CONTINUED EMPHASIS ON EXPANDING ADOPTION OF MISMO'S NEW COLLABORATION TOOL, MISMO CONNECT. THE CORE FUNCTION OF MISMO IS THE DEVELOPMENT OF STANDARDS BY ITS WORKGROUPS (WG). EACH WG IS STAFFED BY INDUSTRY VOLUNTEER CONTRIBUTORS THAT FOCUS ON SPECIFIC BUSINESS PROCESS OR TECHNICAL DOMAINS. STANDARDS ACTIVITY IS CONDUCTED ACCORDING TO A RIGOROUSLY ENFORCED SET OF POLICIES AND PROCEDURES IN ACCORDANCE WITH THE MISMO INTELLECTUAL PROPERTY RIGHTS (IPR) AND ANTITRUST POLICIES. CONTRIBUTORS CHAIR WORKGROUPS, WRITE MINUTES, AUTHOR BUSINESS AND TECHNICAL DOCUMENTATION, REPRESENT THE ORGANIZATION AT INDUSTRY CONFERENCES AND ATTEND MEETINGS AND CONFERENCE CALLS TO CONTRIBUTE THEIR EXPERTISE TOWARDS CREATING INDUSTRY STANDARDS.ACCOMPLISHMENTS IN THE DEVELOPMENT OF MISMO STANDARDS IN FY19 WERE AS FOLLOWS:- MISMO CONTINUED TO EXPERIENCE SIGNIFICANT TRACTION WITH RESPECT TO ADOPTION OF THE MISMO STANDARDS. - MISMO CONTINUED TO BE USED BY FANNIE MAE AND FREDDIE MAC TO COMPLY WITH THE REQUIREMENTS OF THE FHFA-MANDATED UNIFORM MORTGAGE DELIVERY PROGRAM (UMDP). - MISMO WAS USED IN THE RE-WRITE OF THE GSES UPDATED UNIFORM APPRAISAL DATASET (UAD) REQUIREMENTS. - FHA ELECTRONIC APPRAISAL DELIVERY (EAD) AND ELECTRONIC BINDER REQUIREMENTS. - MISMO WAS USED IN THE RE-WRITE OF THE GINNIE MAE POOL DELIVERY DATASET (PDD). - MISMO WAS USED IN UPDATES TO THE GSES UNDERWRITING SYSTEMS. - MISMO WAS USED IN THE GSES NEW UNIFORM LOAN APPLICATION DATASET (ULAD). - MISMO STANDARDS WERE USED IN THE CFPBS REVISED HOME MORTGAGE DISCLOSURE ACT (HMDA) REPORTING REQUIREMENTS.- MISMO FINALIZED AND RELEASED AN ENHANCED VERSION OF THE STANDARDIZED COMMERCIAL RENT ROLL DATASET.- MISMO FINALIZED AND RELEASED REMOTE ONLINE NOTARIZATION (RON) INDUSTRY STANDARDS TO ASSIST THE MORTGAGE INDUSTRY IN ITS TRANSITION FROM PAPER TO DIGITAL.- MISMO INITIATED AND CONTINUED STANDARDS DEVELOPMENT WORK IN SEVERAL NEW BUSINESS AND TECHNICAL DOMAINS INCLUDING BLOCKCHAIN; COMMERCIAL APPRAISAL; JSON/MOBILE; EMERGING TECHNOLOGIES; AN INDUSTRY LOAN APPLICATION DATASET (ILAD); STANDARDIZED CLOSING INSTRUCTIONS TEMPLATES; STANDARDIZED TAXPAYER CONSENT LANGUAGE; AND PRIVATE LABEL SECURITIZATION.

CMSP PROGRAM:THE CMSP PROGRAM ALLOWS INDIVIDUALS WITH SIGNIFICANT KNOWLEDGE OF THE MISMO STANDARDS AND THE STANDARDS DEVELOPMENT PROCESS TO DISTINGUISH THEMSELVES FROM THEIR PEERS BY EARNING THEIR CMSP CERTIFICATION.

CHAMPIONS PROGRAM:THE MISMO CHAMPIONS PROGRAM, WAS ROLLED OUT ON JANUARY 1, 2017. THE PROGRAM RECOGNIZES ORGANIZATIONS THAT PROVIDE MATERIAL SUPPORT TO BETTER ENABLE MISMO TO SUPPORT THE ENTIRE INDUSTRY. ORGANIZATIONS ARE RECOGNIZED BASED ON THEIR LEVEL OF SUPPORT. THOSE PARTICIPATING IN THE CHAMPIONS PROGRAM WILL RECEIVE MULTIPLE BENEFITS, INCLUDING COMPLIMENTARY EVENT REGISTRATIONS, ACCESS TO EXCLUSIVE BRIEFINGS EACH YEAR PROVIDED BY MISMO EXECUTIVE AND COMMITTEE LEADERSHIP MEMBERS AND MISMO STAFF, AND WILL BE ELIGIBLE TO RECEIVE SPECIAL INVITATIONS TO PARTICIPATE AND PROVIDE INPUT AT MISMO EVENTS. PARTICIPANTS WILL ALSO BE RECOGNIZED ON THE MISMO WEBSITE, AT MISMO SUMMITS, AND AT INDUSTRY CONFERENCES.

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