The Mortgage Industry Standards Maintenance Organization (MISMO) announced a series of notices seeking stakeholder feedback about new specifications and enhancements to its tools designed to benefit real estate finance professionals via the Mortgage Bankers Association (MBA) website.
Each of the new developments aims to help improve operational efficiency and other aspects of the real estate transaction and affords interested stakeholders a 30-day or 60-day period to provide feedback for the individual developments.
The series of requests for feedback began shortly after MISMO announced its Board of Directors for 2025. MISMO acting president Richard Hill emphasized its commitment to “continue driving innovation and collaboration across the mortgage finance industry.”
This roundup lists these developments in the order of when their comment period expiration dates to help you prioritize your responses:
Appraisal Procurement Dataset Specification
March 27 is the deadline for industry stakeholders to submit comments about the new MISMO Appraisal Procurement Dataset Specification. The appraisal specification is meant to provide the industry a common framework for exchanging transactional appraisal order information using the new terminology being introduced this year as a part of the Federal Housing Finance Agency (FHFA) Uniform Mortgage Data Program Uniform Appraisal Dataset. By doing so, MISMO is aiming to remove the reliance on the Fannie Mae and Freddie Mac appraisal form numbers. Learn more here.
Industry Loan Application Dataset
April 3 is the deadline for stakeholders to submit comments on MISMO’s industry standard for the exchange of loan application information, which it refers to as the Industry Loan Application Dataset (iLAD). According to MBA, the new iLAD version 2.5.0 includes updates for a series of Fannie Mae and Freddie Mac Automated Underwriting System changes, along with other industry requested updates. Learn more here.
MISMO New Version 3.6 Model Package
April 12 is the deadline for industry input regarding MISMO’s new Version 3.6 Reference Model Package. The package includes several tools intended to enhance data consistency and improve accuracy for users, according to MBA. Learn more here.
Unique Identifiers
April 21 will be the last day for the industry to submit feedback regarding artifacts introduced or updated to support the creation of Unique Identifiers (Unique ID) for the MISMO Reference Model. These Unique IDs are expected to: reduce the time and cost required to determine whether internal system changes are needed; reduce concern that a new reference model version will break an organization’s processes; and enhance adoption of newer reference model versions. Learn more here.
Housing Counseling Dataset Specification
April 28 is the deadline for stakeholder feedback on MISMO’s new Housing Counseling Dataset Specification, designed by the organization’s housing counseling development workgroup to facilitate greater access to homeownership for first-time homebuyers. Learn more here.