MBA Revitalizes MISMO Government Forum in Effort to Improve Industry Data Standards

The Mortgage Bankers Association (MBA)rnannounced Wednesday it has revitalized its MISMO Government Forum.  The group met last Friday as part of MISMO’srnFall 2012 Educational Summit and Workshop to discuss broader adoption of MISMOrndata standards.  MISMOrnis a not-for-profit subsidiary of MBA and is the premier technology standardsrndevelopment body for the mortgage industry. MBA views the GovernmentrnForum as a means to better share and exchangerninformation between regulators, other government agencies and the mortgagernindustry about the benefits of broader adoption of these standards.</p

RickrnHill, MISMO’s Executive Vice President and MBA Associate Vice President forrnIndustry Technology said “The Dodd-Frank Act’s long list of new rules andrnregulations includes multiple new reporting requirements. Utilizing MISMO datarnstandards for this reporting will lower costs of compliance and improve data qualityrnfor all parties involved.”  </p

Hillrnadded, “This Forum encourages agencies that participate in the industry,rnregulate the industry and/or provide data to the industry to share informationrnand ideas regarding the most effective and efficient means of collecting andrnexchanging data. Furthermore, mortgage companies and service providers canrninfluence the approaches these agencies may adopt by participating in the datarnstandards setting process, thereby reducing the costs of complying withrnreporting requirements that might otherwise not be MISMO compliant.”</p

The nextrnmeeting of the MISMO Government Forum is planned for October 2012.  

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