MISMO V3 Public Review Period Open

After years of work and thousands of man hours of effort on April 22 the Governance Committee of MISMO approved the V3 Public Review Draft. The Public Review period officially goes from April 23 to June 23 ending at the MISMO Trimester in Washington DC.

Congratulations to all the people who participated and the organizations that supported their participation. Our industry is better for as a result of your efforts.

To those unfamiliar with MISMO V3 here is a quick summary.

What V3 Provides

• End to end transparency from the first contact with a potential borrower through to the end of the seven year waiting period after the obligation pays off. That could be 57 years after closing in some cases! It is accomplished by having
  
• Bridging the gap between data gathered during the Origination phase of the deal and the delivery to servicing and secondary marketing systems.
• Additional security for non-public data by tagging data points that have been identified in various state laws as needing specal protection.
• Increased performance by removing the most expensive processing feature of V2.
• Bridging the gap between Data and documents by integrating eMortgage and SMARTDOC V1.0 into a single reference model
• Lays the foundation for hybrid process that incorporate eMortgage and traditional mortgages together.

Where

• The standard is available at http://mismo.org It includes the Full Reference model, The Logical Data Dictionary, subsets of the model that correspond to certain V2 transaction models and a spreadsheet that tracks none issues and public comments so far.
• A special email address for submitting comments MISMOV3@mersinc.org.
• WIKI for collaborating on the Standards development at http://wiki.mismo.org/MISMO.Wiki/
• An Open Source collaboration site for developers to share implementation artifacts that will not become part of the standard. It is located at http://code.google.com/p/openemortgage/

When

The Public review period ends June 23. This coincides with the MISMO trimester meeting in Washington DC. Details available at http://mismo.org

Remember
MISMO has an intellectual property and anti-trust policy that protects you by:

• Allowing contributors to maintain ownership of their ideas
• Allowing users of the standard to have royalty free use of the standard for ever.
• Having a IP review period where in any patent claims against the standard are made before the standaed becomes official.