MISMO Overview

1
MISMO Overview

• Presenter 1 Chair, Governance Committee
• Presenter 2 Title
• Presenter 3 Title
• Presenter 4 Title

2
Agenda

• History
• Purpose
• Areas of Focus (Commercial)

3
Introduction of Panelists

• Name
• Company
• Role

4
Introducing MISMO

• Develops, promotes and maintains e-commerce
  standards for the real estate finance industry
• Enables mortgage-related information to be
  exchanged between borrowers, lenders, service
  providers, investors, and servicers more
  efficiently and economically

5
History of MISMO

• MISMO formed in 1999 to support emerging XML
  standard, first meeting in January 2000
• MISMO is a wholly-owned subsidiary of Mortgage
  Bankers Association became a 501(c)6
  corporation in 2005.

6
Intellectual Property Rights and Antitrust
Policies

• As a standard-setting organization encouraging
  the participation of competitors, MISMO must
  comply fully with all Federal and state antitrust
  laws and regulations.
• Key concern is to prevent
• Collective actions by competitors
• Development of anticompetitive standards.
• MISMOs Intellectual Property Rights (IPR) Policy
  addresses the preservation of subscribers and
  MISMOs intellectual property rights in published
  standards

6
7
IPR Antitrust Policies

• By participating in this or any MISMO meeting you
  are agreeing to be bound by MISMOs IPR policy
  which can be found at www.mismo.org
• All meetings are conducted in accordance with
  MISMOs Antitrust Policy

8
Standards Add Business Value

• Integration of technology systems requires
  standards
• Streamlined workflow needs interconnecting
  processes
• Efficiency data integrity enhanced by data
  reuse and reduced re-keying
• Flexibility dictates integrated offerings or
  interoperable solutions from various service
  providers
• Availability of software tools for development
  low-cost or free

9
XML Extensible Markup Language

• Tags uniquely identify each field as data
• Offers more sophisticated web pages, information
  searches and data exchanges
• Defines ground rules for tagging data
• Allows groups or industries to create their own
  documents
• Easily expanded/extended
• Example
• ltBorrowerFirstNamegtDavidlt/BorrowerFirstNamegt

10
MISMO High-Level Goals

• Build business data dictionaries to ensure
  understanding when exchanging data
• Develop industry-wide XML Document Standards in
  XML Schema format
• Promote related technology standards necessary to
  enable eCommerce
• (digital signatures/credentials, eMortgages,
  security best practices, etc)

11
MISMO Deliverables

• Industry Business Data Dictionary (LDD)
• Industry standard DTDs/XML Schemas specifications
• Engineering guidelines for creating DTDs, XML
  Schema
• Implementation guides to use MISMO standard
  transactions
• (by individual business/process area) MXC

12
MISMO Release Process
Final release
30-day Posting for IPR Disclosures
(MISMO)
Architecture WG review/approval
(Architecture)
Reconcile data elements against LDD
(Core Data)
Develop new / updated data transactions
(Workgroups)
13
MISMO Organization
MISMO Board of Directors
MISMO Officers and MERS Staff
Residential
Commercial
Governance Committee
Governance Committee
Architecture Workgroup
Architecture Workgroup
Chair
Co-Chair
Vice Chair
Co-Chair
Core Data/ Structures Workgroup
Core Data Workgroup
Industry Workgroups
Industry Workgroups
14
MISMO Commercial Governance Committee

• Commercial Primary Joanne Denver, Babson
  Capital Management
• Steve Dale, Genworth
• Bob Wright, Midland Loan Services
• Jim Cooke, Ballard Spahr Andrews Ingersoll,
  LLP,
• NEEDS UPDATE see Comemrcial Governance Roster!

• Commercial Vendor Jack Huntress Environmental
  Data Resources, Inc.
• Jim Flaherty CMBS.com
• MBA Staff Representatives - Jan Sternin, Angela
  Lazear, Phyllis Slesinger
• MERS Staff Representatives (non-voting) Dan
  McLaughlin, Gary Vandeventer, Gloria Zimmer,
  Karmen King

15
MISMO Workgroups

• Current Workgroups (Commercial)
• Architecture
• Core Data
• CMSA-IRP
• Commercial Appraisals
• Commercial Environmental PCA Reports
• Commercial Property Inspections
• Commercial Servicing

16
MISMO Subscribers

• Benefits
• Have access to current and archived information
  on MISMO website
• Have username and password access to private
  workgroup areas of SharePoint site
• Can vote on key issues leadership
• May be elected to a seat on the Governance
  Committee

17
MISMO Workgroups focus on Business Process Areas

• Process-focused industry participants defining
  business data needs for specific business areas
• Origination
• Real Estate Services
• Technical Infrastructure
• Workgroups provide technical and business
  expertise to the Governance Committee
• XML Architecture WG defines technical structure,
  core data, and process groupings

18
Architecture

• Provides oversight of technical and design
  infrastructure to ensure reusability and offer
  guidelines across process areas
• Evolution Two distinct versions so far
• Version 1.0, v1.1 and v1.2 XML Schema
  (attribute-centric)
• Version 20 XML Schema (attribute-centric)

19
Evolution of Version 1.0

• MISMO Version 1.0
• Servicing Transfer
• Architecture Best Practices Guide
• MISMO Version 1.1
• Document Classification
• MISMO Version 1.2
• Environmental Reports ESA, PCA, Seismic
• Work Order Request and Response

20
Architecture Evolution (cont)

• CMISMO Version 2.x
• Building specific transactions using reusable
  structures
• Transactions are process area focused
  (Request/Response)
• Enterprise Data Model
• Structures are groupings of data that are shared
  and reused by processes (borrower details, asset
  information, property description)
• e.g., Rent roll extracted from CMSA-IRPx v6.0
• Individual transactions can be built from the
  model
• Elements can be used as-is or extended with
  additional attributes using extension guidelines

21
Evolution of Version 2.0

• MISMO Version 2.0
• Property Inspections
• Document Classification
• Work Order Request Response
• MISMO Version 2.1
• Rent Rolls
• Operating Statements
• MISMO Version 2.2
• CMSA-IRPx (V6.0)

22
Commercial MISMO

• Establishes data standards for all phases of the
  commercial mortgage life cycle, within the
  framework of the existing MISMO organization
• Parallel workgroups
• Architecture - Business Metrics
• Core Data - Property Inspections
• eMortgage - Property Appraisals
• Origination - Document Classification
• Servicing - Environmental PCA Reports
• CMSA-IRP

23
How We Develop Standards

• Workgroups of volunteer industry practitioners
  develop each MISMO standard, based on business
  need
• Reviewed by Core Data Structures Architecture
• Released standards are openly available on
  www.mismo.org
• Transactions you implement are dictated by your
  business purpose

24
Common Communication Vehicles

• MISMO is an open organization
• Participate by joining MISMO Workgroup listservs
  that support your business areas
• Listservs allow you to join in discussion
  development of MISMO standards and implementation
  guides
• Solicitations prohibited

25
MISMO Web Site

26
MISMO Web Site - Specifications

27
Getting Started

28
Questions?

• Gloria Zimmer
• 703-738-0235
• gloriaz_at_mersinc.org
• Joanne Denver
• tel
• jdenver_at_babsoncapital.com
• Bob Wright
• tel
• rwright_at_midlandls.com

• Jim Cooke
• 202-661-2273
• cooke_at_ballardspahr.com
• Jim Flaherty
• tel
• jim_at_cmbs.com
• Jack Huntress
• tel
• jhuntress_at_edrnet.com
• Steve Dale
• tel
• steven.dale_at_genworth.com