2019-08-12T11:19:35-05:00 2018-09-30 521855942 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2017-10-01 510502943 MORTGAGE INDUSTRY STANDARDS MAINTENANCE ORGANIZATION INC MORT 2025572700 1919 M STREET NO 5TH FL WASHINGTON DC 20036 RICHARD HILL EXECUTIVE VICE PRESIDENT 2025572700 2019-08-12 1 DEBORAH G KOSNETT P00290720 2022932200 2019-08-08 216.59.105.130 2019-08-12 11:19:32 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 BF065EC4D347516EACB6EF6B1CA8D3F874D65F1D 2017 2019-02-21 02:37:17Z RICHARD HILL 1919 M STREET NO 5TH FL WASHINGTON DC 20036 952670 0 X WWW.MISMO.ORG X 2004 DE MISMO IS THE STANDARDS DEVELOPMENT BODY FOR THE MORTGAGE INDUSTRY. MISMO DEVELOPED A COMMON LANGUAGE FOR EXCHANGING INFORMATION FOR THE MORTGAGE FINANCE INDUSTRY. MISMO STANDARDS ARE ACCEPTED AND DEPLOYED BY EVERY TYPE OF ENTITY INVOLVED IN CREATING MORTGAGES, AND THEY ARE REQUIRED BY MOST REGULATORS, HOUSING AGENCIES AND THE GSES THAT PARTICIPATE IN THE INDUSTRY. MISMO STANDARDS, RESIDENTIAL AND COMMERCIAL, ARE GROUNDED IN AN OPEN PROCESS TO DEVELOP, PROMOTE AND MAINTAIN VOLUNTARY CONSENSUS-BASED STANDARDS THAT ALLOW PARTICIPANTS IN THE MORTGAGE INDUSTRY SUCH AS MORTGAGE LENDERS, INVESTORS IN REAL ESTATE AND MORTGAGES, SERVICERS, INDUSTRY VENDORS, BORROWERS AND OTHER PARTIES TO EXCHANGE INFORMATION AND MORE SECURELY, EFFICIENTLY AND ECONOMICALLY. 13 12 0 451 0 0 0 0 840780 950256 0 2414 0 0 840780 952670 0 0 0 0 0 0 0 0 0 869251 970622 869251 970622 -28471 -17952 642999 616632 244125 235710 398874 380922 X TO DRIVE STANDARDIZED DATA AND INFORMATION AND IMPROVED BUSINESS PRACTICES BETWEEN ALL MORTGAGE STAKEHOLDERS THROUGH COLLABORATIVE AND INNOVATIVE INITIATIVES THAT IMPROVE EFFICIENCY, REDUCE COSTS AND FACILITATE STAKEHOLDER SUCCESS. 1 0 STANDARDS DEVELOPMENT: THE MORTGAGE INDUSTRY STANDARDS MAINTENANCE ORGANIZATION (MISMO) WAS STARTED IN 1999 BY THE MORTGAGE BANKERS ASSOCIATION (MBA) TO PROMOTE, COORDINATE, AND FACILITATE THE MORTGAGE INDUSTRY'S EFFORTS TO CREATE STANDARDIZED ELECTRONIC REAL ESTATE FINANCE TRANSACTIONS. MISMO BECAME A NOT-FOR-PROFIT SUBSIDIARY OF MBA IN 2004. MISMO MEMBERS PAY ANNUAL DUES ON A CALENDAR YEAR BASIS.MORTGAGE BANKERS, LENDERS, SERVICERS, VENDORS AND SERVICE PROVIDERS DEVELOP AND USE MISMO STANDARDS. MISMO STANDARDS ARE ACCEPTED AND DEPLOYED BY EVERY TYPE OF ENTITY INVOLVED IN CREATING MORTGAGES, AND THEY ARE REQUIRED BY MOST REGULATORS, HOUSING AGENCIES AND THE GSES THAT PARTICIPATE IN THE INDUSTRY. THESE STANDARDS PROMOTE DATA QUALITY AND CONSISTENCY THROUGHOUT THE INDUSTRY. THEY REDUCE COSTS, INCREASE TRANSPARENCY, AND BOOST INVESTOR CONFIDENCE IN MORTGAGES AS AN ASSET.MISMO'S ACHIEVEMENTS DURING FY18 FOCUSED ON THE CONTINUITY OF OPERATIONS, STABLE SUPPORT OF SYSTEMS INFRASTRUCTURE, SUPPORT FOR SIGNIFICANT BUSINESS AND TECHNICAL STANDARDS DEVELOPMENT ACTIVITY, DEVELOPMENT OF A STRATEGIC ROADMAP FOR THE FUTURE STATE OF MISMO, SIGNIFICANT DEVELOPMENT WORK ON NEW MODEL COMPONENTS IN SUPPORT OF FUTURE STATE; AND CONTINUED EMPHASIS ON EXPANDING ADOPTION OF MISMO'S NEW COLLABORATION TOOL, MISMO CONNECT. THE CORE FUNCTION OF MISMO IS THE DEVELOPMENT OF STANDARDS BY ITS WORKGROUPS (WG). EACH WG IS STAFFED BY INDUSTRY VOLUNTEER CONTRIBUTORS THAT FOCUS ON SPECIFIC BUSINESS PROCESS OR TECHNICAL DOMAINS. STANDARDS ACTIVITY IS CONDUCTED ACCORDING TO A RIGOROUSLY ENFORCED SET OF POLICIES AND PROCEDURES IN ACCORDANCE WITH THE MISMO INTELLECTUAL PROPERTY RIGHTS (IPR) AND ANTITRUST POLICIES. CONTRIBUTORS CHAIR WORKGROUPS, WRITE MINUTES, AUTHOR BUSINESS AND TECHNICAL DOCUMENTATION, REPRESENT THE ORGANIZATION AT INDUSTRY CONFERENCES AND ATTEND MEETINGS AND CONFERENCE CALLS TO CONTRIBUTE THEIR EXPERTISE TOWARDS CREATING INDUSTRY STANDARDS.ACCOMPLISHMENTS IN THE DEVELOPMENT OF MISMO STANDARDS IN FY18 WERE AS FOLLOWS: -MISMO CONTINUED TO EXPERIENCED SIGNIFICANT TRACTION WITH RESPECT TO ADOPTION OF THE MISMO STANDARDS. -MISMO CONTINUED TO BE USED BY FANNIE MAE AND FREDDIE MAC TO COMPLY WITH THE REQUIREMENTS OF THE FHFA-MANDATED UNIFORM MORTGAGE DELIVERY PROGRAM (UMDP). -MISMO WAS USED IN THE RE-WRITE OF THE GSES UPDATED UNIFORM APPRAISAL DATASET (UAD) REQUIREMENTS. FHA ELECTRONIC APPRAISAL DELIVERY (EAD) AND ELECTRONIC BINDER REQUIREMENTS. -MISMO WAS USED IN THE RE-WRITE OF THE GINNIE MAE POOL DELIVERY DATASET (PDD). -MISMO WAS USED IN UPDATES TO THE GSES UNDERWRITING SYSTEMS. -MISMO WAS USED IN THE GSES NEW UNIFORM LOAN APPLICATION DATASET (ULAD). -MISMO STANDARDS WERE USED IN THE CFPBS REVISED HOME MORTGAGE DISCLOSURE ACT (HMDA) REPORTING REQUIREMENTS. -MISMO RELEASED VERSION 3.5 OF THE MISMO XML REFERENCE MODEL TO CANDIDATE RECOMMENDATION STATUS IN JUNE 2018. CANDIDATE RECOMMENDATION STATUS MEANS THAT THE MODEL HAS BEEN THOROUGHLY REVIEWED BY A WIDE RANGE OF ORGANIZATIONS AND INDUSTRY PARTICIPANT AND MISMO BELIEVE IT IS READY FOR INDUSTRY TO USE IN IMPLEMENTATIONS. -MISMO INITIATED STANDARDS DEVELOPMENT WORK IN SEVERAL NEW BUSINESS AND TECHNICAL DOMAINS INCLUDING BLOCKCHAIN; COMMERCIAL APPRAISAL; JSON/MOBILE; EMERGING TECHNOLOGIES; AND PRIVATE LABEL SECURITIZATION. CMSP PROGRAM:THE CMSP PROGRAM ALLOWS INDIVIDUALS WITH SIGNIFICANT KNOWLEDGE OF THE MISMO STANDARDS AND THE STANDARDS DEVELOPMENT PROCESS TO DISTINGUISH THEMSELVES FROM THEIR PEERS BY EARNING THEIR CMSP CERTIFICATION. CHAMPIONS PROGRAM:THE MISMO CHAMPIONS PROGRAM, WAS ROLLED OUT ON JANUARY 1, 2017. THE PROGRAM RECOGNIZES ORGANIZATIONS THAT PROVIDE MATERIAL SUPPORT TO BETTER ENABLE MISMO TO SUPPORT THE ENTIRE INDUSTRY. ORGANIZATIONS ARE RECOGNIZED BASED ON THEIR LEVEL OF SUPPORT. THOSE PARTICIPATING IN THE CHAMPIONS PROGRAM WILL RECEIVE MULTIPLE BENEFITS, INCLUDING COMPLIMENTARY EVENT REGISTRATIONS, ACCESS TO EXCLUSIVE BRIEFINGS EACH YEAR PROVIDED BY MISMO EXECUTIVE AND COMMITTEE LEADERSHIP MEMBERS AND MISMO STAFF, AND WILL BE ELIGIBLE TO RECEIVE SPECIAL INVITATIONS TO PARTICIPATE AND PROVIDE INPUT AT MISMO EVENTS. PARTICIPANTS WILL ALSO BE RECOGNIZED ON THE MISMO WEBSITE, AT MISMO SUMMITS, AND AT INDUSTRY CONFERENCES. MISMO LICENSE INITIATIVE - SEE DESCRIPTION ABOVE FOR NEW PROGRAM (PART III, LINE 2) 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 X 13 12 0 1 1 0 1 1 1 1 1 0 0 1 1 1 0 1 1 0 0 0 X HEATHER MESSAM 2025572717 1919 M STREET NO 5TH FL WASHINGTON DC 20036 KURT PFOTENHAUER ACTING CHAIRMAN 1.00 0.00 X X 0 0 0 BILL BECKMANN BOARD MEMBER 0.50 0.00 X 0 0 0 NANCY ALLEY BOARD MEMBER 0.50 0.00 X 0 0 0 PETE CARROLL BOARD MEMBER 0.50 0.00 X 0 0 0 ANDY CRISENBERY BOARD MEMBER 0.50 0.00 X 0 0 0 ROBERT D'URBANO BOARD MEMBER 0.50 0.00 X 0 0 0 MICHELLE KORSMO BOARD MEMBER 0.50 0.00 X 0 0 0 TRICIA MCCLUNG BOARD MEMBER 0.50 0.00 X 0 0 0 KEN RIVKIN BOARD MEMBER 0.50 0.00 X 0 0 0 DON SMITH BOARD MEMBER 0.50 0.00 X 0 0 0 JOE TYRRELL BOARD MEMBER 0.50 0.00 X 0 0 0 CAROLINE WATTEEUW BOARD MEMBER 0.50 0.00 X 0 0 0 MICHAEL C FRATANTONI PRESIDENT 1.00 34.00 X X 0 376517 42099 RICHARD J HILL EXECUTIVE VICE PRESIDENT 2.00 33.00 X 0 244065 26031 JANIS K DAVIS VICE PRESIDENT 35.00 0.00 X 0 205569 22232 HELEN R KANOVSKY SECRETARY 1.00 34.00 X 0 379778 14850 LISA J HAYNES TREASURER 1.00 29.00 X 0 224079 28896 0 1430008 134108 0 0 1 0 MORTGAGE BANKERS ASSOCIATION 1919 M STREET NW 5TH FLOOR WASHINGTON DC 20036 MANAGEMENT SERVICES 565524 CLOSERGEIST 826 STAYMAN ROAD ROANOKE VA 24019 CONSULTING SERVICES 180000 2 MEMBERSHIP DUES 900099 569374 569374 REGISTRATION FEES 900099 271882 271882 SPONSORSHIPS 900099 97250 97250 PRODUCT FEES 900099 11750 11750 950256 2414 2414 952670 853006 0 99664 X 565524 1575 25 168867 12256 16033 30360 19133 135075 CREDIT CARD FEES 10704 BAD DEBT 10000 MISCELLANEOUS EXPENSES 818 MEALS 252 970622 547064 557460 71573 44172 5000 15000 19362 0 642999 616632 96251 21277 147874 151133 0 63300 244125 235710 X 398874 380922 398874 380922 642999 616632 -17952 0 X X 0 1 X 1 0 0 1 0 0 DUE TO MBA 63300 63300 1056479 103809 103809 952670 0 952670 1074431 103809 103809 970622 0 970622 0 0 0 MICHAEL C FRATANTONI PRESIDENT 0 325676 0 50000 0 841 0 22950 0 19149 0 418616 0 0 RICHARD J HILL EXECUTIVE VICE PRESIDENT 0 222432 0 19500 0 2133 0 19049 0 6982 0 270096 0 0 JANIS K DAVIS VICE PRESIDENT 0 198566 0 6000 0 1003 0 15250 0 10006 0 230825 0 0 HELEN R KANOVSKY SECRETARY 0 322656 0 50000 0 7122 0 14850 0 3024 0 397652 0 0 LISA J HAYNES TREASURER 0 196854 0 26200 0 1025 0 12206 0 19714 0 255999 0 0 PART I, LINE 3 MISMO'S PARENT ORGANIZATION, THE MORTGAGE BANKERS ASSOCIATION, SETS THE MISMO PRESIDENT'S COMPENSATION USING THE FOLLOWING CRITERIA: COMPENSATION COMMITTEE, FORM 990 OF OTHER ORGANIZATIONS, APPROVAL BY THE COMPENSATION COMMITTEE. FORM 990, PART III, LINE 2 MISMO LICENSE INITIATIVE - ENHANCEMENTS TO THE MISMO END-USER LICENSE AND THE INTRODUCTION OF THE NEW DISTRIBUTOR LICENSE APPLICABLE TO ALL MISMO PRODUCTS (STANDARDS AND COLLATERAL) RELEASED AFTER 12/31/2017 BECAME EFFECTIVE ON 1/1/2018. THE NEW LICENSES, EFFECTIVE FOR STANDARDS AND COLLATERAL ISSUED AFTER DECEMBER 31, 2017, COVER THE TERMS OF USE FOR THE VARIOUS PRODUCTS ISSUED BY MISMO. THE CHANGES INCLUDE A REVISION TO THE EXISTING END-USER LICENSE AS WELL AS THE ADOPTION OF A NEW DISTRIBUTOR LICENSE. FEES MAY BE REQUIRED TO OBTAIN THE NEW LICENSES FOR ORGANIZATIONS THAT ARE NOT MEMBERS OF MISMO. THESE CHANGES WILL ENSURE THAT APPROPRIATE TERMS OF USE EXIST FOR THE NEW TYPES OF STANDARDS AND COLLATERAL THAT MISMO EXPECTS TO ISSUE IN THE COMING YEARS. FORM 990, PART VI, SECTION A, LINE 3 MISMO HAS CONTRACTED WITH THE MORTGAGE BANKERS ASSOCIATION, A RELATED SECTION 501(C)(6) ORGANIZATION, FOR MANAGEMENT SERVICES. FORM 990, PART VI, SECTION A, LINE 4 ALL WERE APPROVED BY THE BOARD IN FY18. HERE IS A SUMMARY: -UPDATES TO THE BYLAWS I. CHANGED "MEMBER" TERMINOLOGY NOW CAN REFER TO THOSE PAYING DUES AS MEMBERS RATHER THAN SUBSCRIBERS II. UPDATED REFERENCES FROM "STANDARDS" TO "MISMO PRODUCTS" WHEN REFERRING COLLECTIVELY TO STANDARDS AND COLLATERAL III. REPLACED REFERENCES TO "STANDARDS COMMITTEES" WITH "COMMITTEES OF THE CORPORATION" TO BE INCLUSIVE OF ALL MISMO COMMITTEES IV. ESTABLISHED VICE CHAIR POSITION ON THE BOARD OF DIRECTORS V. UPDATED TO REFLECT THAT MBA WILL DESIGNATE OFFICERS THAT HAVE AUTHORITY TO ENTER INTO CONTRACTS IN THE NAME OF AND ON BEHALF OF MISMO. -UPDATES TO THE INTELLECTUAL PROPERTY RIGHTS POLICY (IPR) AND LICENSES I. PROTECTIONS FOR CONTRIBUTORS REMAIN UNCHANGED II. AMENDED TO INCLUDE REFERENCE TO STANDARDS AND COLLATERAL, COLLECTIVELY REFERRED TO AS MISMO PRODUCTS III. REVISED END USER LICENSE AGREEMENT AND INTRODUCED NEW DISTRIBUTOR LICENSE AGREEMENT INCLUDED IN THE APPENDIX IV. LICENSES NOW ALLOW FOR FEE / NO FEE AND/OR MEMBER ONLY ACCESS TO MISMO PRODUCTS AT MISMO'S DISCRETION -UPDATES TO THE POLICIES AND PROCEDURES I. LICENSE REFERENCES UPDATED TO INCLUDE NEW LICENSE POLICY II. ROLES AND RESPONSIBILITIES WERE UPDATED TO REFLECT CHANGES DUE TO NEW MODEL COMPONENTS IN PROCESS AND LICENSE INITIATIVE III. REFLECTS CREATION OF THE NEW BUSINESS EXECUTIVE TEAM AND RELATED RESPONSIBILITIES IV. ENHANCED STRATEGIC PLANNING COMMITTEE RESPONSIBILITIES TO INCLUDE RECOMMENDING WHICH MISMO PRODUCTS SHOULD BE "STANDARDS" VS "COLLATERAL" TO BE DOCUMENTED IN THE MISMO PRODUCT TABLE V. ENHANCED MEMBERSHIP & REVENUE COMMITTEE RESPONSIBILITIES TO INCLUDE SETTING PRICING AND ACCESS LIMITATIONS, IF ANY, FOR MISMO PRODUCTS VI. IPR SECTION UPDATED TO MINIMIZE REPETITION FROM ACTUAL IPR POLICY VII. MISMO OVERVIEW SECTION REFRESHED TO USE LANGUAGE CONSISTENT WITH NEW VISION, MISSION AND GOAL STATEMENTS -UPDATES TO THE RESIDENTIAL AND COMMERCIAL DEVELOPMENT PROCESS DOCUMENTS I. FORMALIZES THE ROLE OF CHANGE SPONSOR II. ESTABLISHES THE NEW BUSINESS EXECUTIVE TEAM III. STANDARDS GOVERNANCE COMMITTEES ROLE EXPANDED BEYOND GOVERNANCE OF XML REFERENCE MODEL TO INCLUDE NEW MODEL COMPONENTS (B-GLOSS; B-REFERENCE MODEL; LDM, ETC.) IV. CORE DATA STRUCTURES (CDS) ROLE EVOLVES INTO INFORMATION MANAGEMENT TO INCLUDE MISMO BUSINESS FOCUSED DISCIPLINES V. ARCHITECTURE WORKGROUP RESPONSIBILITIES EXPAND TO MANAGE ALL MISMO ENGINEERING DISCIPLINES VI. INDUSTRY WGS RENAMED TO COMMUNITIES OF PRACTICE (COPS) FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF MISMO IS THE MORTGAGE BANKERS ASSOCIATION, A RELATED IRC SECTION 501(C)(6) ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE MISMO BOARD OF DIRECTORS ARE ELECTED BY THE MORTGAGE BANKERS ASSOCIATION (MBA), A RELATED IRC SECTION 501(C)(6) ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7B MORTGAGE BANKERS ASSOCIATION, AS THE SOLE MEMBER OF MISMO, APPROVES ALL BYLAWS CHANGES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE MISMO EXECUTIVE VICE PRESIDENT AND THE MISMO VICE PRESIDENT. THE BOARD IS PROVIDED A COPY BEFORE IT IS FILED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE NOT GENERALLY MADE AVAILABLE TO THE GENERAL PUBLIC, BUT IF REQUESTS FOR COPIES OF THESE DOCUMENTS WERE TO BE RECEIVED, THE ORGANIZATION WOULD CONSIDER MAKING THEM AVAILABLE TO THE REQUESTOR. FORM 990, PART VI, LINES 13 AND 14 THE WHISTLE-BLOWING AND DOCUMENT RETENTION POLICIES OF THE MORTGAGE BANKERS ASSOCIATION ARE DEEMED TO APPLY TO MISMO. FORM 990, PART IX, LINE 11G CONSULTANT FEES 168,867. FORM 990, PART XI, LINE 2C THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PRIOR YEAR. MORTGAGE BANKERS ASSOCIATION 1919 M STREET NW 5TH FL WASHINGTON DC 20036 361505650 REPRESENT THE LEGISLATIVE AND REGULATORY INTERESTS OF THE FINANCE INDUSTRY IL 501(C)(6) 0 RESEARCH INSTITUTE FOR HOUSING AMERICA TRUST FUND 1919 M STREET NW 5TH FL WASHINGTON DC 20036 366109824 FURTHERING RESEARCH IN THE FIELD OF MORTGAGE BANKING AND REAL ESTATE FINANCE IL 501(C)(3) 509(A)(3) MORTGAGE BANKERS ASSOCIATION 0 MORPAC 1919 M STREET NW 5TH FL WASHINGTON DC 20036 526144335 POLITICAL ACTION COMMITTEE DC 527 MORTGAGE BANKERS ASSOCIATION 0 MORTGAGE ACTION ALLIANCE INCORPORATED 1919 M STREET NW 5TH FL WASHINGTON DC 20036 271893100 SUPPORT COMMON BUSINESS INTERESTS OF REAL ESTATE FINANCE INDUSTRY DE 501(C)(6) MORTGAGE BANKERS ASSOCIATION 0 MBA OPENS DOORS FOUNDATION 1919 M STREET NW 5TH FL WASHINGTON DC 20036 320355086 PROVIDES RENTAL/MORTGAGE ASSISTANCE TO FAMILIES W/CRITICALLY ILL CHILDREN DE 501(C)(3) 509(A)(1) MORTGAGE BANKERS ASSOCIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 MORTGAGE BANKERS ASSOCIATION M 565524 CONTRACTUAL FEE MORTGAGE BANKERS ASSOCIATION P 173337 ACTUAL EXPENDITURES MORTGAGE BANKERS ASSOCIATION Q 395578 REIMB. FOR CREDIT CARD RECEIPTS