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MISMO Announces Update to Release Schedule

WASHINGTON, D.C. – July 14, 2015 – (RealEstateRama) — The MISMO Residential Standards Governance Committee has announced that it will defer the release of Version 3.4 of the MISMO Reference Model to November 2015. This is a change from the previously announced date of July 2015.

“The mortgage industry continues to face extraordinary regulatory and compliance demands, especially the impending TILA RESPA Integrated Disclosures (TRID) deadline. MISMO recognizes that industry is increasingly dependent upon the standards to ensure compliance with regulatory requirements. MISMO also recognizes the need to maximize the business value included in each release” said Randy Gilster, Senior Vice President at Wells Fargo Home Mortgage and Chairman of the MISMO Residential Data Standards Governance Committee. “Due to the volume of existing and pending regulatory activity, and the desire to minimize the impact of adopting new releases of the standards, MISMO decided to defer the release date and combine the update with additional changes including the CFPB HMDA Rule and evidence of compliance with the CFPB Mortgage Servicing Rule.”

Version 3.4 of the MISMO Reference Model will include enhancements specific to the GSEs Uniform Loan Application Dataset (ULAD); CFPB’s Proposed HMDA Rule; evidence of compliance with the CFPB’s National Servicing Rule; Fee Types in support of TRID; HUD Document Types; minor updates in support of the GSEs Uniform Closing Dataset (UCD); Foreclosure and Bankruptcy data; and credit reporting liability trend and credit score category version information. Additional enhancements received prior to the Core Data Structures submission deadline noted below will also be considered for inclusion in Version 3.4 of the model.

MISMO provided the following list of key dates for the November 2015 release to assist with planning:

All requests for updates to the model must be submitted to the MISMO Core Data Structures (CDS) Workgroup by July 31, 2015.
A draft version of the Version 3.4 model is expected to be available for review at the MISMO Fall Summit scheduled for the week of September 14-18, 2015.
The MISMO Architecture Workgroup (AWG) will review the proposed changes and is expected to vote to recommend elevation of the model to Public Comment Status by the end of October 2015.
The Residential Standards Governance Committee is expected to vote to elevate the model to Public Comment Status by the end of November 2015.
Requests for updates to the Reference Model received after the July 31, 2015 deadline will be considered for inclusion in subsequent versions.
This release schedule positions MISMO to respond to industry needs while providing a clear timeline for industry to follow. Upon elevation of the model to the Public Comment Status, details of the updates associated with the release will be provided in the form of Release Notes.


About MISMO:
MISMO® is the voluntary standards development body for the mortgage industry. Voluntary use of MISMO standards reduces processing costs, increases transparency and boosts investor confidence in mortgages as an asset class, while creating cost savings for the consumer. For more information, visit

Rob Van Raaphorst

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