At the fall MISMO in Alexandria Virginia this week the final review of version 3.4 was completed. It is expected that the MISMO Architecture committee will approve it for release in the first week in October. It should make it to the MISMO website by the end of the month. It will be ready here sooner.
In order to keep users of the standard safe from submarine patents ( patents where a patent holder sneaks their material into a standard then bills adopters of the standard) MISMO places new releases into an IPR hold for 30 days. In that time any patent holders must come forward and declare their ownership. Were such a thing happen MISMO would then withdraw the release and remove the material.
The release also goes into a public comment period of 60 days. If errors or omissions are found in that review MISMO woulkd fix them and re-release.
In a future blog we will review the business content of this release in detail. A quick summary is that is corrects some recently discovered issues in the data for the CFBP "Know be for you buy" disclosure data (aka TRID). This release paves the way for Freddie and Fannie to start collecting the Loan Estimate and Closing Disclosure data in 2016. It also includes the data needed to support the 2016 HMDA requirements.
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