MISMO Achieves Milestone with Release of V3.1 Reference Model and Data Dictionary as Candidate Recommendation
May 19, 2011
The Mortgage Industry Standards Maintenance Organization (MISMO) announced last week the release of the Residential Version 3.1 Reference Model and Data Dictionary as a Candidate Recommendation.
Version 3.1 is a major milestone that brings all the content from previous years in the Version 2.x series transaction standards into a single unified model and defines the solution for the next generation of automated mortgage processing.
A Candidate Recommendation (CR) is a document that MISMO believes to have satisfied technical requirements and is ready for implementation. This version builds on the data set of the Version 3.0 Reference Model by adding new data, including:
- Mortgage Insurance
- Credit Reporting
- Property Valuation (Appraisals)
- RESPA requirements for the origination of loans (required as of January 1, 2011)
- Unified approach to handling eMortgage SMART Docs and normal documents