NTC is proud to announce that VP of Technical Excellence Dave LaRose will be a contributor to this important endeavor.
To reduce complexity and enable broader use of MISMO®, the mortgage industry's standards organization, MISMO participants have determined that a new Business Glossary is a necessary addition to the existing MISMO suite of standards and guides. The new MISMO Business Glossary, along with MISMO's recently announced plans to create a Business Reference Model and a Logical Data Model, will permit business oriented professionals to have access to clear, understandable terms and definitions; links to how data are used in various business processes; and filtered views of the model. MISMO has created the new Business Glossary Development Workgroup to address these needs.
NTC is proud to announce that VP of Technical Excellence Dave LaRose will be a contributor to this important endeavor. Dave LaRose has worn many hats for over 30 years in the mortgage industry, as a notary, title company worker, title searcher, realtor, real estate investor and working for many years with NTC, a post-closing services company. He’s attended dozens of shops for custodians & servicers around the USA over the years and he agrees a glossary for the industry is vital.
“I’ve worked with plenty of people in the industry in a management capacity that couldn’t define what a Mortgage actually is. I can think of three definitions for this word off the top of my head including one as a verb. No wonder people trip up!” Mr. LaRose said.
In March 2017, MISMO called for contributors to help create a business glossary of terms that is accepted and adopted industry-wide. Industry-wide use of a common language is critical for effective, efficient, and flexible business practices. A common language helps mitigate risk, improves consumer understanding and satisfaction, and reduces costs. MISMO, has succeeded in creating a common terminology that is used for communications between lenders, service providers, regulators and others. While existing MISMO standards have greatly improved business to business technology communications, their (often necessary) complexity has made it difficult for non-technical industry participants (i.e. business users) to understand and utilize the standards.
More about MISMO:
MISMO® is the standards development body for the mortgage industry. MISMO developed a common language for exchanging information for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. Use of MISMO's standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer. MISMO is a wholly owned subsidiary of the Mortgage Bankers Association. MISMO stands for Mortgage Industry Standards Maintenance Organization.
MISMO standards are grounded in an open process to develop, promote and maintain voluntary consensus-based standards that allow participants in the mortgage industry such as mortgage lenders, investors in real estate and mortgages, servicers, industry vendors, borrowers and other parties to exchange information and more securely, efficiently and economically. See also the MISMO Leadership information and the current list of MISMO members.
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