The Mortgage Industry Standards
Maintenance Organization (MISMO) recently published its new Version 3 XML
Reference Model General Information Guide, which incorporates updates required
for the Version 3.6 XML Reference Model.
The Version
3 XML Reference Model General Information Guide supports industry
implementation of the MISMO XML reference models, including the freshly
released Version 3.6, according to a release by the Mortgage Bankers
Association.
The updated
guide should be helpful during instances of XML-only orientation. It also removes
extraneous security details, enhances the Version 3.5 Reference Model and
Product Expansion section, and adds the Version 3.6 Structural maintenance section.
Nearly all
MISMO standards are based on the Version 3.6 of the MISMO Reference Model, including
the updated government-sponsored enterprises’ (GSEs) residential appraisal data
exchange, the Uniform Appraisal Dataset (UAD), private-label residential
mortgage-backed securities (RMBS) rating agency asset valuation data, closing
instructions standard template and data exchange; and the enhanced SMART Doc
standard.
By enabling
the use of programmatic maintenance tools through several updates, the final
version is designed to ensure consistency across the Reference Model
collection.
MISMO is
able to address critical business challenges thanks to the support of lenders
via the MISMO Innovation Investment Fee.