MISMO®, the real estate finance industry’s standards organization, announced the new MISMO Version 3.6.1 Reference Model has reached “Candidate Recommendation” status, which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and are available for industry use.
Additions to the new 3.6.1 version include:
- Enhanced support for the origination and underwriting of reverse mortgages
- Support for trading partners to have the ability to clearly distinguish a credit request used to determine a consumer’s buying power versus a credit request to determine eligibility for an extension of credit
- Ability to electronically procure valuations through the new MISMO Appraisal Procurement Dataset and data points to track reconsiderations of value (ROVs)
- Specifications for electronic Security Instruments and Home Equity Line of Credit Agreements.
- Addition of new fee type enumerations to align with fees commonly used by industry participants
- New specifications to enable the exchange of housing counseling data to lenders
What they’re saying: “I would like to commend MISMO’s Reverse Mortgage Development Workgroup, under the leadership of its Chair, George Morales, for its dedication and commitment to completing this initial phase of its project plan,” says NRMLA President Steve Irwin. “The reference model’s enhanced support of the origination and underwriting of reverse mortgage will certainly further enable our efforts to expand the distribution of reverse mortgage products.”
