Mismo Reverse Hypotheekwerkgroep builds technological bridges
After the announcement this week that the newest version of the reference model of Mismo comprises reverse mortgage functions, Morales sat down Housing‘S Reverse MortGage Daily (RMD) to gain a better insight into what the new update means for the current work.
Consistent work
The group consistently meets every other week to contribute to the shared efforts, including professionals both inside and outside the reverse mortgage industry.
Since cooperation is the name of the game, Morales mentioned the reverse mortgage implementation in version 3.6.1 of the Mismo reference model a “significant lift” that requires the involvement of everyone about specific details.
The work was productive, but required everyone to come on the same page, Morales said. It concerned a shared ‘learning attitude’, of which he said it served the unity well.
“And that is why it really made our collaboration smooth between the inverted and the inverted worlds,” he said. “And then even, in particular, the way in which Mismo designs, constructs and rules their own processes – that was all really smooth.”
Morales also specifically shouted the valuable contributions of Mismo -volunteers from the forward mortgage industry and said they helped everyone to embrace the opportunity offered by the work.
“It’s all about building a bridge between ahead and backwards through technology,” Morales explained. “Now there is a bridge to the mainland, if you want. And now it’s time to get lenders to start the adoption and implementation discussions.”
Next stop: Secondary
The new reference model has some work for it, Morales said. But once it has been reached, the group has its next project in sight.
“As soon as we get some of the i-doting and T-Crossing out of the way, we continue to do the same, but with a focus on the secondary market for reverse mortgages,” Morales said. “That is the next pillar that we attack.”
The work that has already been done is expected to be invaluable when the working group starts the next steps, he said.
“We have handled origination/insurance, and now we will continue to secondary, which means that we will make a call for industrial participation of subject experts (SMEs) that are active in the inverted secondary space,” he said.
Secondary marketwork can be complicated, explains Morales, but the group has learned many valuable lessons from its origin and insurance work that he expects will be properly transferred to the next phase.
“Initially we start with the end in mind, and together as a group work to define what we want to deliver to the mortgage industry,” he said. “And from there we go back and start building it.
“That means introducing data points, definitions and list that can be standardized and then presented in a future version of the Mismo reference model.”
