MISMO Holds Trimester Workgroup Meetings

February 3, 2011

The Mortgage Industry Standards Maintenance Organization (MISMO) recently held its trimester workgroup meetings in Jacksonville, Fla.

Kelly Romeo, ALTA’s director of industry standards and practices, represented ALTA at the event.

Updates were provided in several key areas, including legislative and regulatory developments impacting the industry; economy realities and predictions through 2015; the basic structural framework and architecture of the MISMO standard; and an update on the Uniform Mortgage Data Program (UMDP) with representatives of Fannie and Freddie.

The UMDP update focused on key dates beginning with Sept. 1, 2011, when all appraisers will be required to use the new MISMO appraisal dataset. A "guide" for implementing the UMDP is available on the Fannie and Freddie Web sites. All of the data points required to comply are included in MIMSO Version 3.1, which is now in a public comment and review period.

Currently, HUD-1 data points fall under an “optional” category, which will not be required for loan deliveries until the third quarter of 2012.

Workgroup meetings followed, including a meeting of the Title Insurance Workgroup, where a final review of the 3.1 public draft was completed. Version 3.1 will include new data points to support Electronic Remittance of title policy data. The public comment period for MISMO Version 3.1 is set to conclude in February, and will result in a review of reported comments and concerns (if any), followed by a 30-day IPR Review before publication as a Candidate Recommendation for widespread industry implementation.

Questions may be directed to Romeo at kromeo@alta.org.