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Why Brokers Should Care About MISMOBy Anthony Garritano However, the issues discussed within MISMO are not just relevant to the mortgage banker as over 65% of loans are originated by mortgage brokers. Eventually all the work done within MISMO is pushed down to the broker. So why don't they have a voice in MISMO to be prepared for changes and shape their own destiny? For example, there are initiatives going on within MISMO today that would streamline the traditional 1003 and standardize the naming of mortgage documents as part of the Document Classification Workgroup. Brokers, like every other party within the mortgage process, will have to familiarize themselves with these forms yet they don't attend the meetings and there is no member of the National Association of Mortgage Brokers there to represent their interests. Further, while brokers remain on the sidelines other parties outside of just mortgage bankers have seen the value of MISMO and have become very involved. For example, earlier this year MISMO formed an alliance with the Appraisal Institute. "We're in positive, healthy collaborative talks with the Appraisal Institute, MISMO and FNC to review efforts to build on everyone's ideas to foster a healthy connection," said John Cirincione, the MISMO liaison to the Appraisal Institute. "The effort is to see where we can coordinate and align to create a strong standard. "The alliance between the Appraisal Institute and MISMO is a done deal," he told our sister publication National Mortgage News when the alliance was formalized earlier this year. "It's a healthy connect. This agreement puts the two organizations on the same page and entails that they won't go off." The Appraisal Institute has always been active in MISMO, but went off on its own to standardize the appraisal space as part of a deal with FNC, which resulted in the AI Ready standard. "We've supported the MISMO effort for five years," said John Ross, executive vice president at the Appraisal Institute. "As they are coming closer and closer to having a standard that will be adopted, now it's time to step up the attention given to MISMO. "We've seen this coming for some time," he noted. "The next step is to develop the appraisal standard. We're working toward the integration of an appraisal standard into MISMO." Similarly, the Property Records Industry Association and MISMO have a formal alliance to enable seamless "plug and play" between MISMO and PRIA standards. PRIA is a coalition of public and private participants of the property records industry, cooperating to formulate positions on issues of common interest. PRIA is an active participant in MISMO, and supports the outreach to all elements of the real estate and real estate finance market as a critical step to the standards implementation. "PRIA is leveraging its relationship with MISMO by using MISMO's infrastructure of closing standards, plugging into that infrastructure PRIA's recording standard, while continuing to maintain the integrity of the country's public land record system," said Mark Monacelli, president of PRIA, in a prepared statement. So why hasn't NAMB followed? "You have to look at the relationship NAMB has had with the MBA," answered Jim Nabors, the immediate past president of NAMB. "Just six years ago they didn't even return our phone calls. "However, we're working together today on several outlets," he noted. "For example, we've done joint speaking and share education courses. Going forward, we hope to continue to foster this relationship and become involved in MISMO as well." In the interim, the MISMO meetings are open to subscribers, so if brokers don't want to wait for NAMB to formalize their relationship with the MBA and MISMO, they can register and attend on their own. Of course, not every MISMO Workgroup is of interest to the broker community, but key issues like the future of mortgage forms described earlier do impact the broker significantly and it would be to their benefit to get involved before those decisions are made for them by disinterested parties. |
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