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MISMO Update

MISMO Update. MBA Technology Conference March 16, 2004 David Barkley Director eCommerce Relations Freddie Mac. Pieces of the Puzzle. Functional Mapping. Freddie Mac’s Focus. Building quality data standards Ensuring Data Security Enabling eMortgages & eNote Registry. MISMO Deliverables.

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MISMO Update

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  1. MISMO Update MBA Technology Conference March 16, 2004 David Barkley Director eCommerce Relations Freddie Mac

  2. Pieces of the Puzzle

  3. Functional Mapping

  4. Freddie Mac’s Focus • Building quality data standards • Ensuring Data Security • Enabling eMortgages & eNote Registry

  5. MISMO Deliverables • Industry Business Data Dictionary • Industry standard XML Document Type Definitions (DTD), Schemas & specifications • Engineering guidelines for creating DTD/Schema’s • Implementation guides to build MISMO standard transactions (by process area)

  6. Mortgage Processes & MISMO

  7. Scope of Servicing Servicing process area includes: • Loan setup • Investor Accounting: • Investor reporting • Default reporting • Servicing transfer • Data Item Change (for any process)

  8. Status of MISMO Servicing • Servicing Transfer & New Loan Set Up: • Version 2.1: final & available • Version 2.3: Workgroup approval this month, MISMO approval expected in April (reflects data changes & expanded capabilities) • Investor Accounting (Investor & Default Reporting): • Version 2.3: Workgroup approval this month, MISMO approval expected in April • Investor Servicing Transfer Request: • Version 2.3: approved by MISMO, ready for publication • Data Item Change: work in progress

  9. Scope of Secondary Secondary Process Area includes: • Product and pricing description for POS and secondary sale • Secondary loan delivery • Bulk loan sales

  10. Status of MISMO Secondary • Pricing Request & Response Dataset being reviewed by Core Data Workgroup • Loan Delivery Dataset in development • Interim Workgroup meetings defining common business data & developing data structure • Draft for official MISMO review by May meeting • Final version 2.x available by 3rd Quarter

  11. Data Standards Priorities • Freddie Mac using MISMO AUS Version 2.3.1 for Loan Prospector • Defining Secondary Delivery Data set with MISMO Secondary Workgroup for use in new selling system • Supporting Origination, Secondary, Servicing, Architecture, Core Data Workgroups and Governance Committee

  12. Ensuring Data Security • Active member in MISMO Security work groups • Assisting MBA in Accrediting Secure Identity Issuing Authorities • Enhancing infrastructure to include digital signatures, encrypted XML, tamper seals

  13. Enabling eMortgages • Participating in MERS development of national eNote Registry • Finalizing uniform legal language in electronic note • Supporting 2nd draft of SPeRS • Transitioning eMortgage Program Office to eCommerce Relations Team

  14. MISMO: A Team Effort Freddie Mac actively engaged with MISMO to develop technical standards for: • Data Standards • Data Security & Secure Identity • eMortgages & eNote Registry

  15. Further Information: MISMO web site: www.MISMO.org David Barkley – 703-903-2104 Freddie Mac Director eCommerce Relations & MISMO Governance Committee Chair Ted Adams – 703-903-2065 Freddie Mac Director Technology Standards & MISMO Core Data Chair

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