The Berkshire Group announces that it has become a Diamond Subscriber to MISMO®, the leading technology standards development body for the residential and commercial real estate finance industries. MISMO was created to promote and support the common business interests of the Commercial and Residential Mortgage Markets. Its mission is to benefit industry participants and consumers of mortgage and investment products and services.
Through industry cooperation and participation, MISMO develops, promotes and maintains voluntary electronic commerce specifications and has developed a repository of industry data elements stored in a common data dictionary used to create all MISMO transactions.
Michael Trickey states that “as a subscriber, you play a more integral role in the development of the standards. Our industry under the Dodd-Frank Act has a long list of new rules and regulations which increases the need to better share and exchange information. We look forward to taking advantage of the opportunity to further position our company with leadership in data standards.”
The Mortgage Industry Standards Maintenance Organization (MISMO) earlier this year launched a new update that covers recent federal mortgage regulations and reporting requirements. The Residential Reference Model includes new data points and structures related to a number of recent regulatory and reporting requirements, including the Consumer Financial Protection Bureau’s (CFPB) Integrated Closing Disclosures.
For over a decade, Berkshire Group has provided its clients with detailed insights into the substance of newly originated and seasoned loans, and the soundness of counterparty origination and servicing operations that created and service those loans. Along with Loan file review of these loans to verify compliance with underwriting and program guidelines, with a comprehensive data integrity review and testing for key fields used in underwriting, servicing and secondary market transactions. Our experience scrubbing inaccurate data enforces the need for MISMO standards for reporting purposes.
Berkshire Group clients include major national and international banks, community banks, commercial banks, savings banks, investment banks, investment funds, private equity funds, hedge funds, sureties, finance companies, mortgage companies, servicers, primary mortgage insurers, government-sponsored entities, rating agencies, attorneys, and more.