MISMO Trimester Meeting January 14-17, 2008 Orlando, Florida MISMO General Session January 14, 2008...

MISMO Trimester MeetingJanuary 14-17, 2008 Orlando, Florida

MISMO General Session January 14, 2008

Ron Duff, 2007-08 Governance Committee ChairNancee Gorenstein, 2007-08 Governance Committee Vice-Chair


Agenda

• Welcome and IPR Statement

• Organization Review

• 2008 Governance Priorities

• 2007/2008 Standards Activities

• MISMO Infrastructure Update

• January 2008 Trimester Activities


IPR and Antitrust Policies

• By participating in this meeting you are agreeing to be bound by MISMO’s IPR (Intellectual Property Rights) policy which can be found at www.mismo.org

• All meetings are conducted in accordance with MISMO’s Antitrust Policy


Organization Review

MISMO Organization

Residential Process Area Workgroups

Core Data Structures

Governance

Board of Directors

Logical Data

Dictionary

Architecture

EnvelopingCommercial Architecture

Document Classification

SecondaryOrigination

Closing

Mortgage App

Underwriting

Information SecuritySISAC

Real Estate Services

MI

Credit

Title

Real EstateProperty

Information

Flood TaxHazard

Multi-Services

AppraisalInstitute

ALTA

Fraud Detection

Servicing

Commercial

eMortgage

ServicingOrigination

Core DataLDD

CMSA

Document Classification

CMSA IRP

Steering Committee

eMortgage

PRIA

Technical Infrastructure

Industry Guidance

SPeRS

Council of Chairs

Doc / Data Mapping

Data Transactions

Legal

Business Rules Exchange

Appraisal

InsuranceProperty

InspectionEnvironmental &

PCA Reports

GovernmentGovernment Housing


MISMO Board of Directors• MISMO is a wholly-owned subsidiary of the

Mortgage Bankers Association – a 501(c)6 corporation

• Board of Directors Catherine Rodewald, Managing Director, Prudential

Capital (Chair) Bill Frazer, SVP, CBRE | Melody Dawn Gibbs, CEO FICS Steve Gozdan, CFO/COO Cenlar FSB (Open Seat - Residential) Jim Cooke (Ex-Officio, Governance Representative)


BoD Strategic Objectives

• Regain Securitization Market

• Improve Data Quality

• Improve Data Purity


MISMO Governance Committee• 24 Representatives Elected by Subscriber Companies

16 from Residential Mortgage Industry 4 Lenders/Brokers 2 Servicing Technology 2 Origination Technology 1 Mortgage Insurance Company 1 Credit Company 2 Technology Vendors 2 Service Providers 2 Government Sponsored Enterprises (GSEs)

4 from Commercial (MultiFamily) Mortgage Industry 2 Primary Market Participants 1 Investor 1 Vendor

2 At-Large


2008-09 Governance Committee

RESIDENTIAL • Lenders/Brokers

GMAC Rescap-Dave Erkes Quicken Loans-Patrick Hartford Wells Fargo-Michael Levine

• Servicing Technology Fiserv-Ron Duff Fidelity (FNIS)-Randy Gillis

• Origination Technology Gallagher Financial Services-

Chris Anderson, Dynatek-Todd Luhtanen

• Mortgage Insurance Company MGIC-Nancee Gorenstein

• Credit Company Equifax Mortgage Services-Paul

Wills Technology Vendors

Wolters Kluwer Financial Services-Roger Gudobba

Dexma-Gretchen Peterson Service Providers

First American Real Estate Services-Tom Payne

American Land Title Association-Kelly Romeo

GSEs Freddie Mac-Ted Adams- Fannie Mae-David Coleman-


2008-09 Governance Committee

COMMERCIAL• Primary Market Participants

Midland Loan Services-Robert Wright

Wendy Sadeh, Bridger Commercial Funding

• Secondary Market Investor Babson Capital Management-

Joanne Denver

• Vendor Jim Cooke, Ballard Spahr

Andrews & Ingersoll, LLP

AT-LARGE• MERS-Dan McLaughlin

• Mortgage Cadence-Gabe Minton


Council of Chairs• Formed in January, 2006

Maturity and increased adoption create need for collaboration and process

• One member from each MISMO WG

• Work Request Guidelines/Tracking Discuss collaborative issues


2007-08 Council of Chairs

• XML Architecture-Dave Krause• Core Data/Structures-Ted

Adams• Enveloping-Pritish Jacob• Origination-Denise Lawrence• Secondary-Mark Friend• Servicing-Mark Friend• Multi-Services-Eric Mayling• Credit Reporting-Paul Wills• Flood-Beth Martel• Fraud Detection-Ruth Eller• Hazard Detection-Dick Taylor

• Mortgage Insurance-Mike Fleck

• REPI-John Cirincione• Tax-Diane Columbo• Title Insurance-Charles

Epperson• Business Rules-John Liston• Doc Class-Rick Moseley• eMCIT-Rachel Sokolowski• Info Security-John Simon• eMortgage-Patrick Hartford• Government Housing-Dan

Kahn


MISMO Subscribers

• 148 Subscriber Companies (as of 01/09/08) Have access to current and archived information on

MISMO website Have username and password access to private

workgroup areas of team collaboration website (using Microsoft SharePoint technology)

Can vote on key issues & leadership Are waived meeting fees for the trimester meetings May be elected to a seat on the Governance

Committee, serve as Workgroup Chairs, etc.


MISMO Staff• Doug Duncan, President• Dan Szparaga, Acting Executive Vice President• Harry Gardner, Vice President• Malikah Crable, Subscriptions & Events• Dave Krause, Director, Architecture &

MXCompliance• RJ Schlecht, Director, Information Security• Colleen Wesling, Director, MISMO Programs• Gloria Zimmer, Director, MISMO Standards


2008 Governance Priorities


2008 Focus• Focus for 2008 remains in three core areas:

Organization: enhance the organization to align with the subscriber base and their business priorities and goals

Standards: continue to maintain existing standards but focus on the release of standards in the 3.0 architecture

Adoption: attain greater adoption of the MISMO standards within the industry


2008 Priorities - Organization• Organizational Subgroup

Ensures that the operation and structure of the organization is aligned to its overall goals and positioned to support the work of its volunteers

• High Level Goals Implement common project methodology to be used by the

organization (including all workgroups) including the revised work request and status reporting framework via MISMO WIKI

Review and revise as necessary the job descriptions for Governance members, Work Group chairs, and participants. Focus will be roles and responsibilities

Continue to enhance the role of the Council of Chairs Ensure Face-to-Face Trimester Meeting structure maximizes

volunteer time/effort


2008 Priorities - Standards• Begin execution of the 3.0 plan

Complete “reference model” that holds all transactions together, finish reconciliation 1

Finalize the 3.0 architecture Develop plan for transaction delivery from workgroups Define, finalize and implement deliverable requirements for

standards approval process

• Expand eMortgage standards and utilization Support the expansion of eMortgage standards and utilization Focus on adoption


2008 Priorities - Adoption• Increase MXCompliance Certifications

Increase transaction set that has certification Communicate the value to the industry

Increase compliance and adoption through RFP process • Develop Outreach Program

Variable communication plan based on targeted audience message points re: MISMO Participation Membership Adoption Etc….


2007/08 Standards Activities


MISMO Standards Approved in 2007

• Credit Reporting v2.4 (January) Credit Reissue Reporting Recommendation (March)

• ISWG Whitepaper (January) Identifying and Safeguarding Personal Information

• eMortgage Specifications eSigned PDF Guidelines v1.0 (February) eMortgage Package v2.4 (February/Errata - April)

• Errata Releases AUS v2.4 Errata (April) Enveloping v2.4 Errata (June) Closing v2.4 Errata (April)

• REPI Valuation Request v2.4 (May)


MISMO Approved Standards and 30-day IPR Status

• Commercial Standards – Version 1.1 (May)

Commercial Environmental Site Assessment ESA_Synopsis v1.1

Commercial Work Order Request and Response v1.1 (WORR)

Commercial Document Classification v1.1

• URLA Mapping to MISMO Closing v2.4

• PRIA Request and Response v2.4.2 (http://www.pria.us/ )

• Credit Reporting v2.4.1 (30-day IPR period)


Commercial MISMO Activities

Version 1.2 Releases – February 2008• Commercial Environmental & PCA Reports

PCA Synopsis, Seismic Synopsis, Work Order Request (WORR) • CMSA Investor Reporting Package (IRP)

• Servicing Transfer Core Transaction v1.1

• Commercial eMortgage Whitepaper (Digital Signature Requirements for Commercial Entities)

• Commercial Architecture Best Practices Guide v1.1

• Commercial Originations - Rent Rolls and Lease Abstracts


MISMO Infrastructure Update


MISMO Infrastructure Support

• New Web site live since September• Lyris listserv

45 Listservs with over 2500 active participants

• SharePoint User accounts available for MISMO subscribers

• Contivo VMS Repository and Builder Pro• Adobe Breeze/Connect Web Sharing• Wiki Collaboration Platform


MXCompliance• Certifications available

Credit Request and Response MI Application Request and Response AUS Flood Request and Response

• Fourteen companies are certified with forty-one certifications awarded

• More workgroups in process of submitting certification requirements


MXCompliance Certifications Update

• Associated Software Consultants (ASC)*

• Axcess Americas, LLC*• Bixby Consulting, Inc.*• Dexma, Inc.*• Digital Matrix Systems• Dynatek*• Fair Isaac Corporation

* Multiple Certifications

• FICS*• First American Flood Data

Services * • Fiserv Lending Solutions*• Gallagher Financial

Systems*• iLOG, Inc.*• Merge Power, Inc.• Mortgage Guaranty

Insurance Corporation*


Security Activities

• Risk mitigation techniques for Appraiser authentication and appraisal integrity.

• Security recommendation for messaging protocol (WS SOAP)

• Monitor Federal and State privacy legislation & regulations

• Industry Compliance education; Pay Card Industry Data Security Standards (PCI/DSS)

• Secure Identity Standardization (SISAC) related to MERS eRegistry and National Notary Association (NNA)


Related Industry Standards Efforts

• SISAC—RJ Schlecht Secure Identity Services Accreditation Corporation

• PRIA—Mark Ladd Property Records Industry Association

• NAR/RETS—Paul Stusiak National Association of Realtors Real Estate Transaction Standards

• Appraisal Institute—John Cirincione


January 2008 Trimester Activities


eMortgage Current Efforts• Published Whitepaper• Updated SMART Doc 2.0• Updated Documentation (eMortgage Guide,

Closing Guide, and Vaulting Guide)• Created Links to eRecording and eNotarization

Standards through PRIA• Sent Survey out to Industry Leaders


Workgroup Activities• XML Architecture-Dave Krause

Core Data Structures-Ted Adams Enveloping (Transport and Routing)-Pritish Jacob eMCIT (Packaging)-Rachael Sokolowski

• Information Security-John Simon• Document Classification-Rick Moseley• Origination-Denise Lawrence

Automated Underwriting & Closing


Workgroup Activities, Cont’d• Real Estate Services:

Credit-Paul Wills/ Mike Bixby Flood-Beth Martel Fraud Detection-Ruth Eller/ Bill Parker Mortgage Insurance-Mike Fleck Property Records-Mark Ladd Real Estate Property Information-John Cirincione Real Estate Tax-Diane Columbo Title-Charles Epperson Multi-Services-Eric Mayling


Workgroup Activities, Cont’d

• Secondary-Mark Friend

• Servicing-Mark Friend

• Business Rules Exchange (BREW)-John Liston

• Government Housing-Dan Kahn


Sponsor Program


Thanks to our 2008 Sponsors

FiServ Lending Solutions


MISMO Salutes its 2007 Sponsors

JANUARY 2007• First American Corporation• FICS• Wells Fargo Home Mortgage

MAY 2007• Fannie Mae• Freddie Mac• Wells Fargo Home Mortgage• PRIA

SEPTEMBER 2007• Midland Loan Services,

Inc.• Stewart Transaction

Solutions• Mortgage Cadence• Encomia, LP

SPECIAL EVENTS• Document Systems, Inc.• IndyMac Bank


MISMO Sponsorship Update

•MISMO sponsorship opportunities include five levels* (and Selected Individual Events)

Gold . . . . . . . . . . $ 10,000 Silver . . . . . . . $ 5,000 Bronze . . . . . . . . $ 2,500 Contributing . . . .$ 1,000 Single Event . . . . As Arranged

*Other denominations are gratefully accepted. Please contact MISMO for more specific information.


Upcoming MISMO Meetings

May 19-22, 2008, Minneapolis, MN (Tentative) September, 2008, Location TBD

Contact Malikah Crable at [email protected]


Questions?

MISMO Trimester Meeting January 14-17, 2008 Orlando, Florida MISMO General Session January 14, 2008...

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Transcript of MISMO Trimester Meeting January 14-17, 2008 Orlando, Florida MISMO General Session January 14, 2008...