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MISMO Announces Inaugural Board of Directors

June 25, 2004

Washington, D.C. - The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), announces the appointment of its inaugural Board of Directors. MISMO develops data transfer protocols that reduce costs and increase investor confidence in mortgage transactions across the $9 trillion residential and commercial real estate finance industry.

The MISMO Board consists of five members selected from the real estate finance industry and one ex-officio member elected from the ranks of MISMO's Governance Committee. Together, these industry leaders will focus on advancing the MISMO organization and its work products as an essential ingredient for all mortgage transactions throughout the United States, by further driving adoption and providing strategic oversight and decision-making to the organization.

"We are thrilled with the success of MISMO becoming the premier standards development body for the residential and commercial/multifamily real estate finance industry," said MBA Chairman Robert M. Couch, CMB. "This appointment of the inaugural Board of Directors marks the next step in the ongoing growth and evolution of the MISMO organization. These well-respected leaders will guide and encourage participation from all industry sectors in the development of electronic commerce standards."

The following people were appointed to the MISMO Board of Directors:

  • Edward Godycki, Countrywide Financial Corporation, Simi Valley, CA
  • Michael Petree, First Franklin Financial Corporation, Irvine, CA
  • Michael Bixby, LandAmerica Financial Group, Inc., Norcross, GA
  • Joseph Beggins, GEMSA Loan Services, L.P., Houston, TX
  • Niraj Patel, GMAC Commercial Mortgage, Horsham, PA
  • Adam Hall, IndyMac Bank, Pasadena, CA (ex-officio MISMO Governance Director)

Established by MBA in 1999, MISMO coordinates the development and maintenance of Internet-based Extensible Markup Language (XML) real estate finance specifications and electronic mortgage guidelines. MISMO continues to build on two core deliverables which enable the mortgage industry to share data among trading partners; an XML architecture encompassing origination, secondary market and servicing data, and a single, centralized logical data dictionary providing business definitions and corresponding architecture data element names. MISMO now has over 25 workgroups, with more than 1,000 individual participants, and is combining its newer commercial data standards effort with its existing residential infrastructure.

For more information on MISMO, please go to their Web site atwww.mismo.org.

Source: MBA



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