The Residential Standards Governance Committee of the Mortgage Industry Standards Maintenance Organization (MISMO) has announced that it will defer the release of version 3.4 of the MISMO Reference Model to November 2015.
The update originally was scheduled to be released in July 2015. Wells Fargo Home Mortgage Senior Vice President Randy Gilster said the move came in part because of compliance concerns with the Consumer Financial Protection Bureau’s (CFPB) latest regulation.
“The mortgage industry continues to face extraordinary regulatory and compliance demands, especially the impending TILA-RESPA Integrated Disclosures (TRID) deadline,” said Gilster, in a release announcing the decision. Gilster also is the chairman of the Residential Standards Governance Committee.
“MISMO recognizes that industry is increasingly dependent upon the standards to ensure compliance with regulatory requirements. MISMO also recognizes the need to maximize the business value included in each release. Due to the volume of existing and pending regulatory activity, and the desire to minimize the impact of adopting new releases of the standards, MISMO decided to defer the release date and combine the update with additional changes including the CFPB HMDA (Home Mortgage Disclosure Act) Rule and evidence of compliance with the CFPB Mortgage Servicing Rule.”
Version 3.4 of the MISMO Reference Model will include enhancements specific to the GSEs Uniform Loan Application Dataset (ULAD); CFPB’s Proposed HMDA Rule; evidence of compliance with the CFPB’s National Servicing Rule; Fee Types in support of TRID; HUD Document Types; minor updates in support of the GSEs Uniform Closing Dataset (UCD); Foreclosure and Bankruptcy data; and credit reporting liability trend and credit score category version information. Additional enhancements received prior to the Core Data Structures submission deadline noted below also will be considered for inclusion in Version 3.4 of the model.
A draft version of the Version 3.4 model is expected to be available for review at the MISMO Fall Summit scheduled for the week of Sept. 14-18, The Residential Standards Governance Committee is expected to vote to elevate the model to Public Comment Status by the end of November.