MISMO® Completes Milestone One of Version 3.0: Major Step to an Industry-Wide Adoption of MISMO’s Architecture
March 13, 2008
MISMO, the not-for-profit subsidiary of the Mortgage Bankers Association (MBA) that develops data transfer protocols spanning the $14.4 trillion residential and commercial real estate finance industry, has finalized and posted demonstration examples based on its Version 3.0 architecture. The deliverables, available on MISMO’s Web site, are in line with the project plan outlining three distinct milestones necessary to provide the industry with Version 3.0, a major architectural advancement for the MISMO organization and industry in 2008.
The goal of the conversion from Version 2.0 to Version 3.0 is to build a cohesive foundation that supports the widest array of transactions possible and drives broad adoption of MISMO standards. This includes the development of a common architecture and logical model promoting a centralized view of the mortgage transaction and providing explicit contexts and definitions for usages and terms.
“The new robust Version 3.0 architecture leverages XML Schema and Namespaces to provide advanced capabilities for data transactions and for the industry’s evolution into eMortgages,” said Harry Gardner, MBA’s Vice President of Industry Technology and head of MISMO. “We are thrilled to have reached our first milestone, thanks to the efforts of so many industry participants, and we are eagerly awaiting feedback from all our stakeholders on the content and structure of Version 3.0.”
Milestone One demonstration examples are organized into the four categories below.
• Reference Model Demonstration - Complete Version 3.0 MISMO Residential Reference Model in W3C Schema format. Provides the entire DEAL structure.
• Workgroup Demonstration - Version 3.0 representations of each Workgroup transaction that existed in Version 2.x in W3C Schema format. For Milestone One, MISMO focused on the Real Estate Services transactions (e.g., credit reporting).
• Reusable Structure Demonstration - Version 3.0 structures that occur in multiple locations throughout the model (e.g., ADDRESS). Produced in W3C Schema format.
• Shared Structure Demonstration - Version 3.0 structures shared by multiple Workgroups and representing large portions of the model that are leveraged by various Workgroups. Produced in W3C Schema format.
MISMO encourages organizations and industry technology professionals to download the proposed model and transactions to evaluate firsthand how they address individual business models and operations. At the same time, they may review new representations of key structures such as LOAN, PROPERTY and BORROWER and provide MISMO with feedback about their content and organization.
The demonstrations are free and available to all industry participants. To download the demonstrations and submit feedback visit: http://www.mismo.org/SpecificationsAndGuidance/Version3.0MilestonesAndDeliverables.htm. Go to source web page: MISMO® Completes Milestone One of Version 3.0: Major Step Forward for Industry-Wide Adoption of MISMO’s Version 3.0 Architecture
Source: MBA / MISMO