Mortgage industry participants are being invited to help with the development of a new decision model for validating eNotes.
The Mortgage Industry Standards Maintenance Organization (MISMO) announced the opportunity in a recent press release.
The new MISMO group will be responsible for incorporating MISMO standards into the creation of a decision model which can be used to validate the underlying document structure and data of electronic notes, according to the release. The group also will document and publish validation rules that can be used in the creation of eNotes. The validation rules will follow the Decision Model and NotationTM (DMNTM) standard to promote interoperability and exchange among mortgage industry participants.
“eNotes are an important component of digital mortgages and to the future of the mortgage industry,” MISMO Executive Vice President and Mortgage Bankers Association Vice President of Industry Technology Rick Hill said in the release. “By enabling industry collaboration to create new decision models and validation rules, MISMO is providing tools that help all parties involved in the mortgage process.”
The group also will be responsible for reviewing current eNote standards, building a new decision model and creating implementation guides for lenders and investors.
DMN was established by the Object Management Group to provide a common notation to be universally understood by all business users, from the business analysts needing to create initial decision requirements and then more detailed decision models, to the technical developers responsible for automating the decisions in processes and to the business people who will manage and monitor those decisions.
DMN is designed to be useable alongside of Business Process Modeling Notation TM, the standard business process notation.
MISMO also will develop educational material about DMN and its role in the mortgage industry in addition to sharing best practices for decision modeling.