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MISMO Releases Residential Reference Model Version 3.3

February 18, 2014

The Mortgage Industry Standards Maintenance Organization (MISMO) has released version 3.3 of the MISMO Residential Reference Model. It is now under a review period through March 18, 2014.

Version 3.3 of the MISMO Reference Model includes new data points and structures related to a number of recent regulatory and reporting requirements including the Consumer Financial Protection Bureau's integrated closing disclosures, HOEPA high-cost loans, GSEs Uniform Mortgage Data Program (UMDP), FHA Automated Underwriting (TOTAL Scorecard) and Ginnie Mae's Pool Data Delivery dataset. A strengthened and enhanced Logical Data Dictionary (LDD) format is also being rolled out with Version 3.3.

"In today's environment it is particularly critical that the mortgage industry work together to facilitate a more efficient path to implementation via industry standards," said Mike Fratantoni, chief economist and senior vice president of Research and Industry Technology at the Mortgage Bankers Association (MBA) and president of MISMO. "Version 3.3 is a perfect example of this collaboration since the standard now includes all data points necessary to implement the CFPB integrated disclosures as required by RESPA/TILA. Now industry can concentrate on implementing disclosure requirements by August 2015."

The latest version is under candidate recommendation status is used to denote that Version 3.3 has been thoroughly reviewed by a wide range of organizations and industry participants and MISMO believes it is ready for industry to use in implementations. The IPR review period is the final opportunity for entities to submit concerns over intellectual property infringement within the standard.

In addition to the release of the Reference Model, MISMO announced the release of the MISMO Version 3 Reference Model General Information Guide. The Information Guide is designed to provide industry participants with an overview of the 3.x version of the MISMO Reference Model. The MISMO Version 3 Reference Model General Information Guide is subject to a 30-day IPR review as well. The review period ends March 18.

"The evolution and availability of Version 3.3 of the MISMO Reference Model is an important step forward for MISMO given the current regulatory environment," said Randy Gilster, senior vice president at Wells Fargo and chair of the MISMO Residential Standards Governance Committee. "This achievement is the culmination of countless hours of thoughtful consideration by many contributing representatives across the loan lifecycle. Their domain knowledge, dedicated commitment and collaborative efforts resulted in a comprehensive release for the mortgage industry."

Full details on model enhancements can be found in the Version 3.3 Release Notes and Version 3.3 of the MISMO Reference Model.

Comments specific to either IPR reviews or regarding Version 3.3 should be directed to

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