TIN:
SCHEDULE O
(Form 990)
Department of the Treasury
Internal Revenue Service
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Inspection
Name of the organization
MORTGAGE INDUSTRY STANDARDS MAINTENANCE
ORGANIZATION INC
ORGANIZATION INC
Employer identification number
51-0502943
51-0502943
| Return Reference | Explanation |
|---|---|
| FORM 990, PART III, LINE 3 | IN MARCH 2022, MISMO RECORDED THE FIRST COMPLETED ECLOSING CERTIFICATION. THE ECLOSING CERTIFICATION IS PART OF THE MISMO EMORTGAGE TECHNOLOGY CERTIFICATION PROGRAM WHICH ASSISTS LENDERS IN IDENTIFYING PRODUCTS THAT COMPLY WITH MORTGAGE INDUSTRY STANDARDS. THIS CERTIFICATION IS PART OF MISMO'S EFFORT TO SUPPORT, ADVANCE, AND INCREASE THE MORTGAGE INDUSTRY'S ADOPTION OF DIGITAL SOLUTIONS AND IS SPECIFICALLY DESIGNED TO FACILITATE AND ENCOURAGE ECLOSING TRANSACTIONS. THROUGH THIS CERTIFICATION, LENDERS, SETTLEMENT AGENTS, AND CONSUMERS WILL BE ABLE TO VERIFY THAT A PLATFORM CAN PERFORM AN ECLOSING TRANSACTION IN A SECURE AND COMPLIANT MANNER, CREATING A MORE SEAMLESS AND EFFICIENT EXPERIENCE FOR ALL PARTIES AND REDUCING FRICTION IN THE REAL ESTATE FINANCE MARKET. IN APRIL 2022, MISMO RELEASED THE NEW E-ELIGIBILITY EXCHANGE, POWERED BY SNAPDOCS (THE E-ELIGIBILITY EXCHANGE). THE E-ELIGIBILITY EXCHANGE HELPS LENDERS TO NAVIGATE "E" RELATED ELIGIBILITY FACTORS SO THAT EACH CLOSING CAN BE AS DIGITAL AS POSSIBLE. THE E-ELIGIBILITY EXCHANGE BENEFITS BOTH USERS AND CONTRIBUTORS OF E-ELIGIBILITY CRITERIA: LENDERS CAN MORE EASILY DETERMINE THE E-ELIGIBILITY OF CLOSINGS; INVESTORS CAN INCREASE THE PERCENTAGE OF LOANS THEY RECEIVE AS DIGITAL COLLATERAL; AND, ALL INDUSTRY PARTICIPANTS CAN SHOWCASE THEIR INVESTMENTS IN DIGITAL-FORWARD POLICIES AND CAPABILITIES. THE TRANSPARENCY THAT THE E-ELIGIBILITY EXCHANGE PROVIDES IS A CRITICAL STEP TOWARDS DRIVING UNIFORMITY AND STANDARDIZATION IN MORTGAGE INDUSTRY DIGITAL CLOSING POLICIES. THIS STANDARDIZATION WILL ULTIMATELY ENABLE THE INDUSTRY TO SCALE ITS DIGITAL CLOSING EFFORTS AND FULLY REALIZE THE BENEFITS OF DIGITIZATION. MISMO EXPANDED ITS PROFESSIONAL CERTIFICATION PROGRAM LAUNCHING THE ASSOCIATE MISMO STANDARDS PROFESSIONAL (AMSP) IN FY22. INDIVIDUALS WHO SUCCESSFULLY COMPLETE THE MISMO BOOTCAMP COURSE AND CORRESPONDING EXAM ARE ELIGIBLE TO BECOME MISMO AMSPS. THE MISMO FALL 2021 SUMMIT WAS PILOTED AS A HYBRID OFFERING (VIRTUAL AND IN-PERSON). GIVEN THE STRONG POSITIVE INDUSTRY RESPONSE TO THE PILOT HYBRID MODEL IT WAS MADE STANDARD OPERATING PROCEDURE FOR MISMO SUMMITS THROUGHOUT FY22. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE MISMO BYLAWS WERE UPDATED TO: CONVERT THE COMMON SECURITIZATION SOLUTIONS (CSS) BOARD SEAT TO AT-LARGE (ARTICLE V, SECTION 4(F)); ENHANCE RESPONSIBILITIES FOR THE NOMINATING COMMITTEE TO INCLUDE PLANNING RESPONSIBILITY FOR THE ORGANIZATION'S STRUCTURE AND COMPOSITION (ARTICLE VI, SECTION 1); AND, DENOTE THAT THE MISMO BOARD SHALL BE COMPRISED OF UP TO 20 VOTING MEMBERS, ALLOWING FOR FLEXIBILITY IF A BOARD MEMBER RESIGNS AND THERE IS NO OBVIOUS CANDIDATE TO REPLACE THAT PERSON (ARTICLE V, SECTION 3). MISMO POLICIES AND PROCEDURES WERE UPDATED TO RECOGNIZE TERM LIMITS FOR WORKGROUP LEADERS CONSISTENT WITH RSGC / CSGC LEADER TERM LIMITS. |
| 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 A, LINE 8B | THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS REVIEWED BY THE MISMO PRESIDENT AND THE MISMO VICE PRESIDENT OF OPERATIONS. IT WAS ELECTRONICALLY APPROVED BY MEMBERS OF THE MISMO BUDGET AND FINANCE COMMITTEE. THE FULL BOARD IS PROVIDED A COPY BEFORE IT IS FILED. |
| FORM 990, PART VI, SECTION B, LINE 12C | IT IS MISMO'S POLICY THAT NO COVERED PARTY PARTICIPATE IN THE EVALUATION OR APPROVAL BY MISMO OF ANY CONTRACTUAL ARRANGEMENT TO WHICH MISMO MAY BECOME A PARTY IF THE COVERED PARTY'S PARTICIPATION WOULD CREATE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST. MISMO'S CONFLICTS POLICY WILL BE CONTINOUSLY MONITORED BY THE BOARD OF DIRECTORS ON AN ONGOING BASIS FOR COMPLIANCE WITH THE POLICY AND REQUIRES ANNUAL DISCLOSURE TO THE MBA GENERAL COUNSEL AND SECRETARY OF "CONFLICTS OF INTEREST" DEFINED AS A SITUATION IN WHICH A COVERED PARTY WOULD PARTICIPATE IN THE EVALUATION OR APPROVAL BY MISMO OF ANY CONTRACTUAL ARRANGEMENT TO WHICH MISMO MAY BECOME A PARTY, IF SUCH INDIVIDUAL, OR SUCH INDIVIDUAL'S EMPLOYER, WOULD OBTAIN MORE THAN AN INSIGNIFICANT FINANCIAL BENEFIT, EITHER DIRECTLY OR INDIRECTLY. "COVERED PARTY" MEANS A MEMBER OF THE MISMO BOARD OF DIRECTORS OR A MEMBER OF THE BOARD COMMITTEE OR BOARD TASK FORCE THAT MAY BOTH (I) RECOMMEND ENTERING INTO CONTRACTS AND (II) PLAY A ROLE IN VENDOR REVIEW AND SELECTION. MOREOVER, COVERED PARTIES ARE SUPPOSED TO UPDATE THEIR DISCLOSURES AS CIRCUMSTANCES WARRANT AND PROVIDE THEM TO THE MBA GENERAL COUNSEL AND SECRETARY. THE DISINTERESTED MEMBERS OF THE EXECUTIVE COMMITTEE OF THE MISMO BOARD OF DIRECTORS SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS OR BEHAVIOR IN CONFLICT WITH THIS POLICY HAS OCCURRED, AND WHAT SUBSEQUENT ACTION IS APPROPRIATE (IF ANY) AND ITS DECISION WILL BE FINAL, EXCEPT AS FOLLOWS. THE EXECUTIVE COMMITTEE SHALL INFORM THE FULL BOARD OF DIRECTORS OF ANY DISAGREEMENT BETWEEN THE EXECUTIVE COMMITTEE AND THE DISCLOSING DIRECTOR AS TO ITS DETERMINATION THAT A CONFLICT OF INTEREST, OR BEHAVIOR IN CONFLICT OF THE POLICY, EXISTS AND ANY RECOMMENDED ACTION. THE BOARD SHALL RETAIN THE RIGHT TO MODIFY OR REVERSE THE EXECUTIVE COMMITTEE'S DETERMINATIONS IN THIS CONTEXT. THE CONFLICTS OF INTEREST POLICY ALSO ADDRESSES CONFIDENTIALITY. |
| FORM 990, PART VI, SECTION B, LINE 15 | WE FOLLOW THE PROCESS MBA HR HAS IN PLACE FOR HIRING. THIS INCLUDES USE OF COMPS; REVIEW OF HIRING AND COMP DECISIONS BY HR; AND DECISIONS WERE ALL APPROVED BY THE PRESIDENT OF MISMO. |
| 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 IX, LINE 11G | PROGRAM CONSULTANTS 1,790,000. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2021
Additional Data
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