The Mortgage Industry Standards Maintenance Organization has made two editions of its reference model, one an update and the other a new version, available for industry use.

Its Version 3.6 Reference Model was released in 2023, and in a statement contained in MISMO’s 2022 annual report, then-President Seth Appleton called it “foundational to the way market participants exchange information” through “data, systems and technology platforms.”

As enhancements have been made to this version; at the same time, MISMO also made a new Version 3.6.1 Reference Model available as well. Both have been granted “candidate recommendation” status, which means they have been reviewed by what the group termed as a wide range of organizations and industry participants.

Why the reference models have been updated

“These new versions include a series of updates and enhancements to support numerous industry processes,” said MISMO Acting President Richard Hill in a press release. “Technology professionals also will note that this version is the first ever release by MISMO that is backwards compatible, which means that it can be adopted without negatively impacting previous technology implementations.”

Hill became MISMO’s acting president following the departure of David Coleman, who held the post from March 2023 through September 2024.

The new model gives trading partners the ability to distinguish between a credit request used to determine a consumer’s buying power versus one being made to determine if they can obtain credit.

What has been added to the reference models

Users will be able to electronically obtain valuations through the new MISMO Appraisal Procurement Dataset in order to tract reconsiderations of value.

The dataset was released for comment in February with the goal of providing a common framework for exchanging transactional appraisal order information using the new terminology being introduced as a part of the Federal Housing Finance Agency Uniform Mortgage Data Program Uniform Appraisal Dataset, MISMO said at the time.

Version 3.6.1 also contains specifications for electronic security instruments and home equity line of credit agreements. It has support for these documents in MISMO V3 SMART Doc format, which allows for electronic signing.

It also includes support for the origination and underwriting of reverse mortgage loans and specifications for the exchange of housing counseling data with lenders.

Updates made to Version 3.6 include an Enhanced Logical Data Dictionary; adding a Unique ID Metrix; plus, support for YAML and JSON Schema files. It is the first update to Version 3.6 since it was released.