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MISMO® Completes Milestone Two of Version 3.0

August 6, 2008

MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), has finalized the second iteration of demonstration examples for the MISMO residential Version 3.0 architecture. These deliverables, available on MISMO's Web site, are consistent with the milestone document outlining three distinct deliverables necessary to provide the industry with Version 3.0, a major architecture shift for the MISMO organization and the industry in 2008.

The conversion from Version 2.x to Version 3.0 will create a common architecture and logical model for the real estate finance industry and will promote a centralized view of the mortgage transaction process while providing explicit context and definitions. Version 3.0 will encourage broader adoption of MISMO standards across the industry.

"MISMO is pleased to announce the completion of the second milestone of Version 3.0," said Harry Gardner, MBA's Vice President of Industry Technology and head of MISMO. "We eagerly await feedback from organizations across the industry so that we can further refine the content and structure of the Version 3.0 architecture. Version 3.0 will provide the industry with a strong foundation for improved data quality and consistency - crucial to developing greater liquidity and transparency in the mortgage markets."

Milestone Two demonstration examples are organized into four categories:

  • Reference Model Demonstration - The entire Version 3.0 MISMO Residential Reference Model in W3C Schema format. Provides the entire DEAL structure.
  • Workgroup Demonstration - Version 3.0 representations of each Workgroup transaction that existed in Version 2.x in W3C Schema format. For Milestone Two, MISMO redrafted the Real Estate Service messages (e.g. credit reporting) from Milestone One, released in March, and completed demonstration examples for the Closing and Secondary Loan Delivery messages.
  • Reusable Structure Demonstration - Version 3.0 structures that occur in multiple locations throughout the model (e.g. address). Produced in W3C Schema format.
  • Shared Structure Demonstration - Version 3.0 structures are shared by multiple Workgroups and represent large portions of the model that are leveraged by various Workgroups. Milestone Two includes a reconciled version of LOAN that aims at supporting uses cases for origination, secondary and servicing. Produced in W3C Schema format.
  • - The demonstration examples give industry participants the ability to download the proposed structure and see firsthand how it addresses individual business models and operations while viewing new representations of key structures such as loan, property and borrower.


MISMO encourages organizations and industry technology professionals to download the demonstrations and review them internally and provide MISMO with feedback with respect to the content and structure. The demonstrations are free and available to all industry participants. To download the demonstrations and submit feedback go to http://www.mismo.org/SpecificationsAndGuidance/Version3.0MilestonesAndDeliverables.htm.

Source: MISMO



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