MISMO, the real estate finance industry’s standards organization, updated its business glossary, including a new set of hashtags to help describe terms associated with industry datasets such as Uniform Appraisal Dataset for MISMO 2.6 (UAD), Uniform Loan Delivery Dataset for MISMO 3.0 (ULDD), Uniform Closing Dataset for MISMO 3.3 (UCD), Industry Loan Application Dataset for MISMO 3.4 (iLAD), and Uniform Loan Application Dataset for MISMO 3.4 (ULAD).
“The addition of the hashtags related to the industry datasets will make it even easier to view data pertaining to the mortgage industry,” Amy O’Connor, mortgage industry consultant, said in a release. “I’m excited to help launch this iteration of the MISMO Business Glossary and am eager for industry participants to utilize it.”
The glossary contains more than 7,000 terms and definitions from MISMO and non-MISMO sources. It includes information about common business practices, events, terms, calculations, documents, forms, and more. In addition to the hashtags, new terms specific to the data governance and management community of practice fit-for-purpose framework were added, as well as enhancements to business reference model’s life of loan product. This glossary also introduces MISMO version 3.5 acronyms and definitions to serve as a starting point for more acronyms in a future release.
“The business glossary provides a great training tool for users new to the mortgage/financial services industry,” Rusty Emory, PrimeLending vice president, said in a release. “It also demonstrates how MISMO members from all areas of the mortgage business come together to provide a product that can benefit every member organization.”