MISMO Seeks Public Comment on Life of Loan Process Model
MISMO®, the real estate finance industry's standards organization, today announced that it is seeking public comment on its latest version of the MISMO Life of Loan Process Model. The 60-day comment period will run through August 1, 2022.
This resource is a high-level business process model depicting common activities that may occur over the life of a mortgage loan. It enables industry professionals and others to access information about MISMO standards and resources within the context of the related business process. MISMO Life of Loan includes an overview, narratives, and workgroup cross reference, as well as a process model.
MISMO Life of Loan Version 2021.12 uses Business Process Model and Notation (BPMN™), which is a standard way of documenting business processes. Highlights of the Life of Loan Process Model include:
- The overview describes how to navigate MISMO Life of Loan, including an introduction to BPMN shapes.
- Each narrative provides a brief description of what happens during the process and directs the reader to related MISMO resources and workgroup(s).
- The Workgroup Cross Reference assists the reader in finding MISMO Life of Loan content for the MISMO workgroup(s) in which they participate.
The updates in this Life of Loan version support current and upcoming MISMO products including: Dataset for IRS Form 4506-C, Dataset for VA 26-1880 Request for a Certificate of Eligibility, MI Rate Quote API, MI Activation API, eModification Reference Guide, Fee Collaboration Matrix and the Ginnie Mae Pool Delivery Dataset as a MISMO-based product.
The public comment period also provides notice to workgroup participants and industry professionals, prior to final release, in order to review the guide and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should be directed to [email protected].
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.