MISMO Receives 2010 Innovation Award
April 5, 2011
The PROGRESS in Lending Association presented the Mortgage Industry Standards Maintenance Organization with one of its five Innovation 2010 awards.
PROGRESS in Lending said MISMO earned the award for development of its MISMO Version 3 Architecture and reference model. FHFA, Fannie Mae and Freddie Mac have adopted it and have published a schedule for adoption by all lenders that deliver loans to them.
“Our executive team has decided that MISMO is among the individuals, companies or groups that have come together to do something truly game changing for the mortgage space,” said PROGRESS in Lending. “The idea of a single industry-wide data standard is not new. However, it has only been through the dedicated work of hundreds of participants that MISMO has been able to reconcile into a single model all the concepts used in origination and loan delivery, to name just two.”
All applications were scored on a weighted scale. PROGRESS in Lending examined the innovation’s overall industry significance, the originality of the innovation, the positive change the innovation made possible, the intangible efficiencies gained as a result of the innovation, and the hard cost and time savings that the innovation enabled industry participants to achieve.