Magazine article Mortgage Banking

Management of MSSMO to Transfer to MBA

Magazine article Mortgage Banking

Management of MSSMO to Transfer to MBA

Article excerpt

The Mortgage Bankers Association (MBA) and Rcston, Virginia-based MERSCORP Inc. (parent company of Mortgage Electronic Registration Systems Inc. jointly announced that management of the Mortgage Industry Standards Maintenance Organization Inc. (MISMO[R]) will transfer to MBA on Dec. 1, 2011.

"MERSCORP successfully managed MISMO during an important period of technical and technological development for MISMO, and a period of significant change for our industry. With the successful launch of the MISMO 3.0 reference model, MISMO can now shift to focus efforts on regulatory implementation and advocating for broader adoption throughout the industry. The MBA and MERSCORP came to the conclusion that with this shift in focus, management should return to MBA; where MISMO adoption efforts can be synchronized with MBA advocacy. We appreciate the commitment of MERSCORP, which will continue to play an important role in influencing the work of MISMO," said David Stevens, MBA's president and chief executive officer.

Bill Beckmann, MERSCORP's president and chief executive officer, agreed that the time was right for MISMO to return to MBA. "We are one of the largest adopters of the MISMO standards, and we'll continue to work closely with MISMO to encourage adoption of standards that, along with the mission of MERSCORP, promote efficiency in mortgage transactions," he said. …

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