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

The Mortgage Bankers Association (MBA) announced Wednesday it has revitalized its MISMO Government Forum.  The group met last Friday as part of MISMO's Fall 2012 Educational Summit and Workshop to discuss broader adoption of MISMO data standards.  MISMO is a not-for-profit subsidiary of MBA and is the premier technology standards development body for the mortgage industry. MBA views the Government Forum as a means to better share and exchange information between regulators, other government agencies and the mortgage industry about the benefits of broader adoption of these standards.

Rick Hill, MISMO's Executive Vice President and MBA Associate Vice President for Industry Technology said "The Dodd-Frank Act's long list of new rules and regulations includes multiple new reporting requirements. Utilizing MISMO data standards for this reporting will lower costs of compliance and improve data quality for all parties involved." 

Hill added, "This Forum encourages agencies that participate in the industry, regulate the industry and/or provide data to the industry to share information and ideas regarding the most effective and efficient means of collecting and exchanging data. Furthermore, mortgage companies and service providers can influence the approaches these agencies may adopt by participating in the data standards setting process, thereby reducing the costs of complying with reporting requirements that might otherwise not be MISMO compliant."

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