Freddie Mac Recognized for MISMO Leadership
At the 2012 Mortgage Bankers Association (MBA) National Technology in Mortgage Banking Conference, Freddie Mac Information Management Consultant Manager Mark Friend received one of Mortgage Banking Magazine’s 2012 All-Star Awards for advancing MISMO data standards through his work on the Uniform Mortgage Data Program – the joint-GSE initiative to improve loan quality through consistent and standardized data.
This is one of several awards that the company has received in its long-standing efforts to develop and support the MISMO mortgage data standards. The Mortgage Industry Standards Maintenance Organization, known as MISMO, is the leading technology standards development body for the residential and commercial real estate finance industries.
Freddie Mac has actively participated and held leadership positions in MISMO since its creation by the MBA more than ten years ago. In fact, we have had a team dedicated solely to interfacing and collaborating with this organization. Most recently, we played a key role in helping to develop the MISMO Version 3 Reference Model – the newest release includes refinements and additions for appraisals and servicing.
For the past five years, we have been using MISMO standards in our loan underwriting system, and these standards are playing a critical role in the adoption of the Uniform Mortgage Data Program (UMDP). Standardization of data is core component of the UMDP, both in setting the bar for loan delivery and property appraisal data now and in the future developments.
“The rollout of MISMO implementations as part of UMDP is very fulfilling, as we have worked for years to refine these standards for the mortgage industry,” says Mark. “Freddie Mac is clearly a leader in the data standard space and I’m excited to bring this value to our customers."
Freddie Mac continues to look for ways to bring the benefits of standardization to our customers and the industry, and work has begun to advance MISMO standards into the servicing arena.