MISMO Releases New Reference Model

March 12, 2015

MISMO released version 3.3.1 of its Residential Reference Model in Candidate Recommendation status and is now under a 30-day intellectual property rights (IPR) review.

Candidate Recommendation means a wide range of organizations and industry participants have reviewed Version 3.3.1. MISMO believes it is ready for the industry to use in implementations. The IPR review period is the final opportunity for entities to submit inquiries over intellectual property infringement within the standard.

"MISMO is taking important steps to assist industry participants by enhancing the predictability of releases and ensuring that the standard includes the necessary information to support industry implementations." said Richard Hill, executive vice president of MISMO and vice president of industry technology at the Mortgage Bankers Association. "In fact the collaboration of industry participants working together to solve business issues is especially important given today's ever changing regulatory environment." 

Version 3.3.1 of the standard includes new data points and structures to support regulatory requirements and additions in the areas of mortgage insurance coverage and conditions, title, payoff and property valuation. MISMO Reference Model Version 3.3.1 is backward compatible with Version 3.3. 

In addition to the logical data dictionary (LDD), XML Schema and Release Notes, MISMO has provided additional resources for this release. These resources include schema comparison reports and MISMO Java bindings reference materials. Full details on model enhancements can be found in the Version 3.3.1 Release Notes and Version 3.3.1 of the MISMO Reference Model.

MISMO also released its CFPB Integrated Disclosures Loan Estimate Form Mapping and the Decision Model and Notation Rule Exchange white paper for IPR review. 

  • The Loan Estimate Form Mapping provides a comprehensive mapping of CFPB's Loan Estimate Form to Version 3.3 of the MISMO Reference Model.
  • The Decision Model and Notation Rule (DMN) Exchange Whitepaper discusses the use of the Objective Management Group's DNM 1.0 specification may be used to promote the exchange of business rules in the mortgage industry. 

The Loan Estimate Form Mapping and the Decision Model and Notation Rule Exchange Whitepaper are subject to a 30-day IPR review, which is the same as the review period for Version 3.3.1 of the MISMO Reference Model. The review period will be open from March 9 through April 7. All intellectual property rights disclosures should be submitted, as directed, on the MISMO IPR Disclosure Form.


Contact ALTA at 202-296-3671 or communications@alta.org.

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