MISMOŽ Completes Milestone One of Version 3.0

Major Step Forward for Industry-Wide Adoption of MISMO's Version 3.0 Architecture

MISMO, the not-for-profit subsidiary of the Mortgage Bankers Association (MBA) that develops data transfer protocols spanning the $14.4 trillion residential and commercial real estate finance industry, has finalized and posted demonstration examples based on its Version 3.0 architecture. The deliverables, available on MISMO's Web site, are in line with the project plan outlining three distinct milestones necessary to provide the industry with Version 3.0, a major architectural advancement for the MISMO organization and industry in 2008.

The goal of the conversion from Version 2.0 to Version 3.0 is to build a cohesive foundation that supports the widest array of transactions possible and drives broad adoption of MISMO standards. This includes the development of a common architecture and logical model promoting a centralized view of the mortgage transaction and providing explicit contexts and definitions for usages and terms.

'The new robust Version 3.0 architecture leverages XML Schema and Namespaces to provide advanced capabilities for data transactions and for the industry's evolution into eMortgages,' said Harry Gardner, MBA's Vice President of Industry Technology and head of MISMO. 'We are thrilled to have reached our first milestone, thanks to the efforts of so many industry participants, and we are eagerly awaiting feedback from all our stakeholders on the content and structure of Version 3.0.'

Milestone One demonstration examples are organized into the four categories below.

ˇ Reference Model Demonstration - Complete Version 3.0 MISMO Residential Reference Model in W3C Schema format. Provides the entire DEAL structure.

ˇ Workgroup Demonstration - Version 3.0 representations of each Workgroup transaction that existed in Version 2.x in W3C Schema format. For Milestone One, MISMO focused on the Real Estate Services transactions (e.g., credit reporting).

ˇ Reusable Structure Demonstration - Version 3.0 structures that occur in multiple locations throughout the model (e.g., ADDRESS). Produced in W3C Schema format.

ˇ Shared Structure Demonstration - Version 3.0 structures shared by multiple Workgroups and representing large portions of the model that are leveraged by various Workgroups. Produced in W3C Schema format.

MISMO encourages organizations and industry technology professionals to download the proposed model and transactions to evaluate firsthand how they address individual business models and operations. At the same time, they may review new representations of key structures such as LOAN, PROPERTY and BORROWER and provide MISMO with feedback about their content and organization.

The demonstrations are free and available to all industry participants. To download the demonstrations and submit feedback visit: http://www.mismo.org/SpecificationsAndGuidance/Version3.0MilestonesAndDeliverables.htm.

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ABOUT MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mortgagebankers.org.

ABOUT MISMO
MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), develops data transfer protocols that span the $14.4 trillion residential and commercial real estate finance industry. MISMO reduce costs, streamline processes, improve accuracy, increase data transparency, and boost investor confidence in mortgages as an asset class. MISMO coordinates the development and maintenance of Internet-based Extensible Markup Language (XML) real estate finance specifications and electronic mortgage guidelines through a voluntary, open and vendor-neutral process, and its workgroups include more than 1,000 individual participants from over 160 subscribing organizations representing all sectors of the residential and commercial industry: lenders, originators, servicers, investors, government-sponsored enterprises, technology vendors, multiservice providers, credit reporting agencies, insurance firms, tax services and law firms. MISMO is a registered trademark of the Mortgage Industry Standards Maintenance Organization, Inc. For more information on MISMO, visit www.mismo.org.