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MBA Completes Management Transition of MISMO

December 6, 2011

Transition of management of the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO) to the Mortgage Bankers Association (MBA) from MERSCORP (the parent company of Mortgage Electronic Registration Systems) has been completed.

With the successful transition, which was announced in September, MISMO will now focus efforts on regulatory implementation and advocating for broader adoption of data standards throughout the industry.

"MBA supports greater efficiency and lower costs throughout the industry by advocating for broad adoption of industry consensus standards developed by MISMO. We are actively engaging both regulators and industry in this effort,” said MBA President and CEO David Stevens. “MBA will also provide educational opportunities aimed at helping industry and government better understand and implement MISMO standards. Standardization and transparency are critical to the return of investor confidence and liquidity in the mortgage marketplace, and MISMO has a crucial role to play. I would recommend that MBA members become MISMO subscribers in order to help guide this effort.”

To assist with these efforts, MBA has hired Cindy Bojokles to be its director of industry standards. In this role, Bojokles is responsible for supporting and advancing the activities of MISMO. Bojokles will work closely with industry executives to increase the standards available to the industry. Bojokles will also help government agencies understand the benefits of adopting the voluntary consensus standards developed by MISMO.

"Cindy has spent over 15 years working on data standards, data quality and business solutions for the mortgage industry. Her detailed knowledge of technology and business processes will prove invaluable to MBA and the mortgage industry as it continues to advance MISMO and industry standards," said Stevens.

Kelly Romeo, a member of MISMO’s Governance Committee and Vice President of the American Land Title Association, applauded MERS for supporting MISMO during an important period of technical and technological development for MISMO, which included the successful launch of the MISMO 3.0 reference model. She also thanked Gloria Zimmer, MISMO’s standards director.

“MERS stepped in at a time when there was no other clear option for keeping MISMO on the rails,” said Kelly Romeo, a member of MISMO’s Governance Committee and Vice President of the American Land Title Association. “Gloria Zimmer was invaluable in providing continuity and stability during MISMO’s transition to MERS and back to MBA, as well as previous transitions. Being a fully functioning part of the MBA again and having direct access to MBA’s resources and staff expertise, MISMO can focus efforts on regulatory implementation and advocating for broader adoption of data standards that will benefit the industry and consumers."

ALTA members use MISMO to enable efficient electronic exchange of transactional data with lenders and vendors without rekeying. MISMO XML data standards span the transaction from origination through appraisal, credit, title, flood, mortgage insurance, secondary, servicing and eRecording.

"ALTA will continue to work closely with MISMO to encourage adoption of standards that promote transparency and efficiency in mortgage transactions,” Romeo said.

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