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Mismo is the standards development organization for the mortgage industry and is the central point for collaboration among lenders, servicers, regulators, government agencies, insuring and guaranteeing agencies, government sponsored enterprises (gses), and technology providers. Mismo was established in 1999 and became a not-for-profit subsidiary of the mortgage bankers association (MBA) in 2004. Mismo developed a common language for exchanging information for the mortgage finance industry. Every residential loan manufactured in the us utilizes mismo standards. Mismo standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the gses that participate in the industry. Use of mismo standards improves efficiency and reduces costs, enhances the seamless exchange of data, system, and technology platforms, and accelerates the industry's digital transformation. Mismo standards benefit lenders of every size and business model. Mismo has the unique ability to convene industry partners to solve key business challenges. Through mismo industry participants have a seat at the table to work collaboratively with industry players from across the mortgage ecosystem including the gses and government housing agencies and their regulators to develop standards that solve business, operational, and technological challenges.mismo standards are grounded in an open process to develop, promote and maintain voluntary consensus-based standards that allow participants in the mortgage industry such as mortgage lenders, investors in real estate and mortgages, servicers, industry vendors, borrowers and other parties to exchange information and more securely, efficiently and economically.mismo members pay annual dues on a calendar year basis. Some organizations participate as mismo champions, a higher level of membership that comes with additional benefits. In fy24 mismo maintained its focus on enabling key industry implementation and technology initiatives. Details of some of the many initiatives completed or in process are noted below.mismo partnered with CSBS to develop the mortgage compliance dataset (MCD), an industry standard loan data file bringing consistency to the exchange of information used by state and other regulators for loan portfolio review examinations. Lenders can also use the MCD dataset to complete testing of loans throughout the loan origination and post-closing process. Enhanced the suite of industry mismo smart doc tools and resources publishing smart doc frequently asked questions (faqs), combining information about the smart doc v1.02 and smart doc v3 specifications into a single location for ease of use. The smart doc v1.02 is used industry-wide for enotes. Mismo also published and expanded a package of v3 smart doc samples. As the set of document specifications grow, they will be added to the set of samples. Mismo made substantial progress building standards for frequently used industry documents that can be readily adopted to establish a consistent method of exchanging data. Included in this effort mismo focused on mapping key pre-closing and closing documents and the loan payoff request and letter. A similar effort was launched to create document dataset specifications to align with the u.s. Department of veterans affairs' loan guaranty program forms. Mismo has been at the forefront of collaboration around the fhfa required gse credit score requirements since the changes were announced. Work continued to build implementation guidance to facilitate industry implementation of the move from classic fico to fico 10t and vantagescore 4.0 and to support credit modernization efforts. A coalition of federal housing agencies (VA, fha, gnma & USDA) began work with mismo in an accelerated effort to create a standardized federal housing agency servicing dataset that will support servicing loans for each of the federal housing agencies. This new data standard will benefit servicers and servicing technology providers by enhancing interoperability and reducing implementation timelines.efforts continued to progress in 2024 to build a standardized housing counseling dataset for housing counseling agencies to exchange information with their lender partners, improving connectivity in this vital relationship.additional highlights in the development of mismo standards in fy24 include: -mismo was recognized as a housingwire tech100 award winner for the third in a row.-mismo continued to experience significant traction with respect to adoption of the mismo standards. -mismo standards continued to be used by fannie mae and freddie mac to comply with the requirements of the fhfa-mandated uniform mortgage delivery program (umdp). Mismo standards were used in the re-write of the gses updated uniform appraisal dataset (uad) requirements as well as for fha, VA, ginnie mae, and USDA modernization efforts.

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Industry collaboration and events: industry collaboration is a core function of mismo. Mismo standards are developed through collaboration of mortgage professionals and conducted using a voluntary consensus process in accordance with governance procedures. Industry collaboration may simply be an exchange of information, ideas, and/or education around a specific topic. Mismo's 35+ workgroups (WGS) are supported by industry contributors that focus on specific business process or technical domains. Standards activity is conducted by mortgage industry contributors who chair workgroups, author business and technical documentation and contribute their expertise towards creating industry standards. Mismo launched several new collaborative workgroups and forums in 2024 including:-the new artificial intelligence (AI) community of practice (cop) focuses on issues related to AI in mortgage. The initial focus of the new AI cop is on creating a shared vocabulary through a glossary of mortgage related AI terms.-launched an automated valuation model (avm) workgroup that will develop a suite of mismo avm standards to support the industry in communicating risk effectively improving the quality of risk-based decisions, encouraging avm adoption among lenders, and assisting with compliance of the recently published interagency rule on quality control standards for automated valuation models. -launched the inaugural lender forum in august 2024; a brand-new lender-only forum established to encourage and facilitate lender collaboration specific to business, operational, and implementation issues that can be solved through the adoption and implementation of industry standards.in january 2024, mismo hosted its winter summit in houston, texas. The event included four productive days full of panel presentations, workgroup meetings, and strategic planning sessions with attendees from every sector of the industry. Mismo developed special programming focused on generative artificial intelligence (AI) use cases and demos from across the industry followed by presentations covering the upcoming required credit score changes; use of the smart doc verifiable profile in title and closing; details of the enhanced mismo certification program; fhfa velocity tech sprint; pro-tips for understanding vantagescore4.0; and elevating the conversation on the paperless mortgage. There were workgroup meetings and strategic planning sessions over the rest of the week. In june 2024, mismo cohosted an artificial intelligence (AI) workshop," artificial intelligence and mortgage: the art of the possible" with the MBA in san francisco. The session was well attended and included speakers and demonstrations from big tech, lenders, technology vendors, and industry service providers. Also in june 2024, mismo hosted its spring summit in san francisco, california. The event followed our usual four-day format with attendees joining from every sector of the industry kicking off with updates from the gses, fha, and the VA. We had special programming focused on AI in mortgage; the future of servicing; and making your organization more secure. Presentations covered the upcoming required credit score changes; the new mismo data governance and management resource; the new mortgage compliance dataset; and use of blockchain in mortgage. Representatives from fannie mae, freddie mac, fha, the u.s. Department of veterans affairs, the conference of state bank supervisors (CSBS), federal housing finance administration (fhfa), several federal home loan banks (fhlbs), the california department of financial protection and innovation were in attendance. In addition, we also held an exploratory working session on automated valuation models (avms).in august 2024, mismo hosted its fall summit in reston, virginia. The event kicked off with gse executive perspectives on appraisal data quality; a legal primer on gen AI in mortgage; and a session focused on considerations when bringing genai into your organization. We had a session on how common securitization solutions (CSS) is leveraging innovation and collaboration to support the financial services industry; sessions on data's role in disaster recovery; evaluating readiness for the fhfa required credit score changes; and a session on what the MBA economists are saying about the economic outlook; productivity; and tech spending. Lenders attending the summit enjoyed the inaugural mismo lender forum our new lender-only discussion forum offering lenders a forum of their own to discuss operational, implementation, and technology challenges that might can be solved through collaboration or standards.

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Certification: mismo expanded its certification offerings into a suite of business and technology certifications. Mismo certifications save lenders time and resources by providing a consistent assessment of technology provider capabilities, including information on which technology providers comply with applicable mismo standards/certification requirements, enhancing transparency and interoperability, reducing the potential for rework. These certifications also allow technology providers an opportunity to highlight their adherence to mismo standards. The new certifications offered include the mismo certified consultants program which allows experts to have their industry domain knowledge and proficiency with mismo standards verified; mismo's e-vault system certification that confirms that an evault's functionality, procedures, and policies comply with mismo evault standards; and mismo's smart doc validation rules certification, available for versions 1.02 and 3.x, that ensures each certified platform has implemented a standard set of rules to validate smart docs which reduces interoperability challenges and streamlines implementations.mismo announced the first four firms to receive the designation of mismo certified consultant. The mismo certified consultant program allows seasoned consultant companies to display their mortgage industry domain knowledge, expertise in the mismo standards, and their commitment in supporting the mismo community.mismo exceeded a key milestone in 2024 by having issued more than one hundred professional certifications ( associate mismo standards professional (amsp) and certified mismo standards professional (CMSP)) since the program's inception. These individual certifications help industry professionals improve their marketability, advance their standards knowledge, and demonstrate their subject matter expertise.