WASHINGTON, D.C.– The Mortgage Bankers Association (MBA) announced today a $2 million investment in MISMO®, the Mortgage Industry’s Standards Organization. The announcement was made by Chris George, MBA’s 2019 Chairman and Founder, President and CEO of CMG Financial, at MBA’s 2019 Technology Solutions Conference and Expo.
According to George, MBA’s large investment will enable MISMO to expand its resources in support of key initiatives, such as a uniform dataset for private label mortgage-backed securities, a standardized closing instructions template, harmonized remote online notary (RON) standards, common standards to encourage business-to-consumer communications on smartphones and tablets, and appraisal and rent roll standards for commercial and multifamily lenders.
“MBA’s investment will provide seed funding to accelerate the development of new initiatives. We hope that lenders, vendors and others across the mortgage industry will follow MBA’s lead by contributing additional funding and the human resources necessary to deliver the standards that will support innovation throughout the industry,” said Kurt Pfotenhauer, Chairman of the Board of Directors for MISMO, and Vice Chairman at First American Title Insurance.
“This investment will speed the development of industry-wide standards, benefiting lenders of all sizes and business models, by improving the integration and flow of data across the entire industry,” said Mike Fratantoni, President of MISMO and MBA’s Chief Economist and Senior Vice President of Research and Industry Technology.
MISMO standards are established through a voluntary consensus process that is open everyone. Subject matter experts from all sectors of the mortgage finance industry participate in the process. Voting on proposed standards is limited to MISMO members only.
“MISMO standards have been adopted by nearly all industry stakeholders including regulators, housing agencies and the GSEs,” said Rick Hill, Executive Vice President of MISMO and MBA Vice President of Technology. “With MBA’s commitment to MISMO, we will be able to continue to effectively serve the industry.”
For more information about MISMO, visit www.mismo.org.