MISMO Releases Reference Model Version 3.3, Seeks Public Comments

The ""Mortgage Industry Standards Maintenance Organization"":http://www.mismo.org/default.htm (MISMO) announced Wednesday the release of its Residential Reference Model Version 3.3 for public comment. The organization's press release stresses the significance of the updates given recent changes in regulatory and reporting requirements in the industry.

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This iteration, developed by experts industrywide, ""provides the mortgage finance industry with the standards needed in today's rapidly changing regulatory and compliance environment,"" noted Mike Fratantoni, president of MISMO.

Specifically, Version 3.3 reflects changes to the Consumer Financial Protection Bureau's (CFPB) integrated closing disclosures, high-cost loans under the Home Ownership and Equity Protection Act (HOEPA), the Uniform Mortgage Servicing Dataset (UMSD) used within GSEs, the Federal Housing Administration's (FHA) TOTAL Scorecard, and Ginnie Mae's Pool Data Delivery dataset.

Also among the enhancements is an updated Logical Data Dictionary (LDD). Further details of the enhancement can be found in the Version 3.3 Release Notes and in the organization's latest Residential Specifications.

MISMO welcomes comments from the public regarding errors and omissions until December 16, 2013. Comments on Version 3.3 may be sent to info@mismo.org.