MISMO Business and Standards Round-up Fall 2013 Educational Summit & Workshops MISMO Business and Standards Round-up Presenters: Kyle Bensen, MGIC, Chair Education Committee Randy Gillis, LPS, Chair Strategic Planning Committee Andy Crisenbery, eLynx, Chair Membership and Revenue Committee Harry Gardner, SigniaDocs, Chair Residential Standards Governance Committee Jan Davis, Vice President, MISMO MISMO Fall 2013 Summit The MISMO Fall 2013 Summit Education Program is sponsored by:
Transcript
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
MISMO Business and Standards Round-up
Presenters:
Kyle Bensen, MGIC, Chair Education Committee
Randy Gillis, LPS, Chair Strategic Planning Committee
Andy Crisenbery, eLynx, Chair Membership and Revenue Committee
Harry Gardner, SigniaDocs, Chair Residential Standards Governance Committee
Jan Davis, Vice President, MISMO
MISMO Fall 2013 Summit
The MISMO Fall 2013 Summit Education Program is sponsored by:
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
MISMO Membership and FinanceCommittee
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
Mission of the Committee is focused on providing increased participation and representation in MISMO and ensure the financial health and
independence of MISMO operations
Membership
•MISMO depends on the support of it’s subscriber and sponsor organizations– Committee considers the wide range of benefits that contributors have
access and incorporate new value services– Evaluate how subscription levels align to benefits…and how they can
be best coordinated with all relevant programs– Continued support of volunteers that support MISMO and the work
that it produces•Incorporate government entities into the organization
– Take best advantage of present and future interest and contribution to the organization
•Increase event attendance and sponsorship
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MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
Finance
•Tools and analysis that help enable financial health of MISMO
– Allows “what-if” evaluations
– Infrastructure and technology to modernize organization
– Considerations for staff and SME resources
•Coordination of existing and new programs into financial model
– Education and Software Compliance
•Plan for growth of MISMO, subscriber participation and sponsorship of the organization
– Ongoing operations
– Events
– New programs
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MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
MISMO Software Compliance Program
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
Executive Summary
• Feasibility Analysis and Business Case completed in May 2013 (Phase 1)
• Program design work began at the end of June 2013 (Phase 2a)
• Program development was approved August 15 (Phase 2B)
• Feedback has been collected throughout the process from multiple audiences including vendors, lenders, MISMO governance, board members, GSEs, and others.
• The team created the design for a two level program for certifying companies and their software and tools for specific business domains
• The next phases of work include a pilot (Phase 3) in 2013 and a larger roll out early 2014 based on an aggressive timeline.
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MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
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The objective of the assessment is to evaluate how the MISMO standard for a specified business domain has been applied within a specific software product or module. The vendor will apply for certification.
Program Design Overview
A Level 3 program is under consideration that could include a technical, software-based component as well as a “platinum standard” option for companies that have achieved a high level of compliance with MISMO v 3.x for multiple products or modules.
The two level program was supported by vendors as having the differentiating options they desired. The Advisory Committee advised caution in determining demand for the multiple levels. The team proposes identifying pilot participants for both levels to confirm demand for Level 2.
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
Program Design Concepts
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• Applicants will apply for certification of a software module, component, or tool to a specific business domain. – Subset of domains will be available for the pilot most likely including
appraisal, application, closing, and loan delivery. • Certification always includes a review of the company’s MISMO-related
practices. The remaining portion of the certification reviews software or tool usage of MISMO against appropriate portions of the Reference Model within the identified domain.
• In general both Level 1 and Level 2 require:– Certification of company policies and practices as related to MISMO.– Certification of appropriate use of the MISMO schema and logical
data dictionary for specified business domains.– Certification of software or tool and proof of capability to store and/or
create MISMO oriented data transmissions, interfaces, or reports. • Level 2 also requires certification of MISMO-related education policies
and practices
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
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Comparison of Level Requirements
Component Level 1 Level 2Certification of company policies and practices
Certification of appropriate use of MISMO
Certification of software and tool capabilities using test cases
Self assessment required with MISMO staff approval
References or alternative validations from two separate entities
3rd Party review and sign off with recommendation for certification
Requirement for MISMO education and training
Annual Renewal
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
Compliance Program Value Proposition
Recognized compliance offers
– Public recognition– Brand differentiation– Preferred vendor status– Attraction as an integration
partner– Improved internal operational
processes• Known status against MISMO
objectives• Enhanced release planning
for MISMO utilization• Technical documentation of
MISMO testing
Benefits of participation include
– Ability to license “MISMO compliant” service mark
– Vendor listing on MISMO.org– Vendor listing in MBA Buyer’s
Guide (MBA members)– Other MBA/MISMO
recognition – Streamlined regulatory
compliance– Streamlined Agency
interaction (GSEs, GNMA, CFPB, etc.)
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Use of MISMO standards reduces processing costs, increases transparency, and boosts investor confidence in mortgages as an asset class. Participation in a MISMO software designation program will facilitate market and regulatory differentiation and enhance the value of the standard.
MISMO Business and Standards Round-up
Fall 2013 Educational Summit & Workshops
What’s next?
• Go / No Go Milestone for Program Development in October 2013
• Pilot expected to begin in November 2013 (dependent upon “go” decision)
• Parties interested in participating in the pilot should contact Jan Davis at [email protected]:
– Desire for software module, component or tool to be certified
