The Mortgage Industry Standards Maintenance Organization is looking for participants to assist them in creating a new mortgage glossary.
The glossary’s target will be business professionals, and it will cover all processes in the industry. Since it’s aimed at professionals from any industry, it will avoid technical jargon.
"Over the years, the industry's brightest minds have collaborated under MISMO to create standards that have made the mortgage process more productive and consumer-friendly,” said Rick Hill, MISMO executive vice president. “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.”
Terms, definitions and allowable values will be included in the new glossary. Common business processes and events, calculations and forms will also be in the glossary.
complete, the new business glossary is expected to make it easier for lenders and other mortgage organizations to leverage MISMO standards as well as MISMO products and collateral to fulfill their unique business needs and goals,” Hill said.
"The MISMO standard and the new business glossary are created by volunteers through a collaborative process,” said Joshua Weinberg, executive vice president at First Choice Loan Services. “However, once the standard is published, its use becomes compulsory, because it is baked into regulation, business processes and the technology that supports them. If you're interested in the future of our industry and committed to making it better, this is the time to participate and get involved in building solutions that will help shape the direction and path we take."
The deadline for interested participants in on April 14. Participants should email with the subject line "Join MISMO's Business Glossary Workgroup" to email@example.com.
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