Brave New World

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Brave New World

• Brave New World

Jack Huntress VP Strategic Innovation
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MISMO Release Process
Final release
30-day Posting for IPR Disclosures
(MISMO)
Architecture WG review/approval
(Architecture)
Reconcile data elements against LDD
(Core Data)
Develop new / updated data transactions
(Workgroups)
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Common Communication Vehicles

• MISMO is an open organization
• Participate by joining MISMO Workgroup listservs
  that support your business areas
• Listservs allow you to join in discussion
  development of MISMO standards and implementation
  guides
• Solicitations prohibited

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Introducing MISMO

• Develops, promotes and maintains e-commerce
  standards for the real estate finance industry
• Enables mortgage-related information to be
  exchanged between borrowers, lenders, service
  providers, investors, and servicers more
  efficiently and economically

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MISMO Workgroups

• Current Workgroups (Commercial)
• Architecture
• Core Data
• CMSA-IRP
• Commercial Appraisals
• Commercial Environmental PCA Reports
• Commercial Property Inspections
• Commercial Servicing

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MISMO Deliverables

• Industry Business Data Dictionary (LDD)
• Industry standard DTDs/XML Schemas specifications
• Engineering guidelines for creating DTDs, XML
  Schema
• Implementation guides to use MISMO standard
  transactions
• (by individual business/process area) MXC

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MISMO High-Level Goals

• Build business data dictionaries to ensure
  understanding when exchanging data
• Develop industry-wide XML Document Standards in
  XML Schema format
• Promote related technology standards necessary to
  enable eCommerce
• (digital signatures/credentials, eMortgages,
  security best practices, etc)

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Standards Add Business Value

• Integration of technology systems requires
  standards
• Streamlined workflow needs interconnecting
  processes
• Efficiency data integrity enhanced by data
  reuse and reduced re-keying
• Flexibility dictates integrated offerings or
  interoperable solutions from various service
  providers
• Availability of software tools for development
  low-cost or free

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How We Develop Standards

• Workgroups of volunteer industry practitioners
  develop each MISMO standard, based on business
  need
• Reviewed by Core Data Structures Architecture
• Released standards are openly available on
  www.mismo.org
• Transactions you implement are dictated by your
  business purpose

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MISMO Organization
MISMO Board of Directors
MISMO Officers and MERS Staff
Residential
Commercial
Governance Committee
Governance Committee
Architecture Workgroup
Architecture Workgroup
Chair
Co-Chair
Vice Chair
Co-Chair
Core Data/ Structures Workgroup
Core Data Workgroup
Industry Workgroups
Industry Workgroups
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MISMO Workgroups focus on Business Process Areas

• Process-focused industry participants defining
  business data needs for specific business areas
• Origination
• Real Estate Services
• Technical Infrastructure
• Workgroups provide technical and business
  expertise to the Governance Committee
• XML Architecture WG defines technical structure,
  core data, and process groupings

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Example of XML
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TRUE Electronic Deliverable
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Loan Origination System
Consultant Report Authoring Platform
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Commercial vs Residential

• RESIDENTIAL Developed standards and then
  needing to go back through process of finding a
  way to put them together into one model
• COMMERCIAL Developed Reference Model first
  (conscious decision) and now ability to create
  standards is much faster

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The Commercial Reference Model
The Core of the MISMO Comm. Ref. Model
Deal
Loan
Collateral
ID Reference
ID Reference
ID Reference
Party
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Extension of the Comm. Reference Model
Deal
Loan
Collateral
ID Reference
ID Reference
ID Reference
Party
Real Property
Property Reports
Environmental Reports
One-to-many
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Three Recent Standards

• Work Order Request Response (WORR)
• Document Classification
• Property Inspections