The Mortgage Industry Standards Maintenance Organization (MISMO), a technology standards development body, has created a data standard and XML specification for mortgage related data. The MISMO standards are grounded in an open process to develop, promote and maintain voluntary electronic commerce procedures and standards that allow mortgage lenders, investors in real estate and mortgages, servicers, industry vendors, borrowers, and other parties to exchange real estate finance-related information and eMortgages more securely, efficiently and economically (source: www.mismo.org).
In order to support effective data exchange, MISMO standards encompass the entire loan life cycle, including origination, servicing, loan delivery and investor reporting, thereby creating a holistic view of loan and pool delivery data. Along with promoting data exchange between business partners, MISMO standards improve the quality and accuracy of the data exchanged by providing a common set of business terms and definitions.
Ginnie Mae's Pool Delivery Dataset (PDD)
Ginnie Mae has created the Pool Delivery Dataset (PDD) which leverages the MISMO Residential Specifications Version 3.3 Reference Model. Ginnie Mae’s PDD is a subset of the MISMO reference model data points and provides a comprehensive list of data points for single family at issuance pool delivery data. However, Ginnie Mae’s PDD is specific to Ginnie Mae’s business model and therefore contains some unique data points that may not be a part of other MISMO compliant datasets within the mortgage industry. The new PDD is an XML based file and applies to single family forward loans only. The file does not apply to HMBS reverse mortgages.
Ginnie Mae MISMO Adoption Timeline Update
Ginnie Mae is adopting the Mortgage Industry Standards Maintenance Organization’s (MISMO) standard for delivery of single family at-issuance pool and loan data to align with the broader mortgage industry. In order to allow Issuers ample time to accommodate the new MISMO standard as they balance the demands of other regulatory requirements, release of Ginnie Mae’s new Single Family Pool Delivery Module (SFPDM) has been pushed out to a later date. With that said, Issuers will have additional time to deliver the new Pool Delivery Dataset (PDD) and will be provided a revised timeline for testing and training. Also, there are some minor updates to the PDD and Implementation Guide that will be released, and the new timeline will afford Issuers sufficient time to adjust to these updated requirements. Details on the changes to the PDD Implementation Guide, Issuer Testing and SFPDM release dates will be provided later this summer.