MISMO releases updated version of Life of Loan model

MISMO announced the final release of the latest version of the MISMO Life of Loan process model.

MISMO Life of Loan is an interactive business process model that depicts common occurrences over a typical mortgage’s life cycle and enables business professionals and others to access information about MISMO products within the context of the business process.

Highlights of version 2022.09 include an online interactive option, which includes the ability to hover over a process and see the MISMO Business Glossary definition.

Updated processes include:

• Added Determine e-Eligibility to draw attention to the MISMO e-Eligibility Exchange.
• First page of servicing refactored to better align with BPMN.
• Determine Loan Limit, which supports publication of the Lending Limit API.
• Evaluate Application Threshold, which supports publication of the Application Threshold Decision Model and White Paper.
• Verify VA Benefits, which supports pending publication of the Verification of VA Benefits dataset.
• Perform Closing and Funding, which supports pending publication of the Pre-Closing and Closing datasets.
• Trade MBS, which supports publication of the BWIC Template Mapping Specification.