Mortgage Industry Standards Maintenance Organization Inc

“The sole member of mismo is the mortgage bankers association, a related irc section 501(c)(6) organization.”

“Members of the mismo board of directors are elected by the mortgage bankers association (mba), a related irc section 501(c)(6) organization.”

“Mortgage bankers association, as the sole member of mismo, approves all bylaws changes.”

“There are no committees with authority to act on behalf of the board.”

“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.”

“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.”

“The organization follows 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.”

“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.”

“Evault certification- the mismo evault system certification confirms that an evault's functionality, procedures, and policies comply with the mismo evault standards. The process consists of a review of the information and documentation provided with your application and a demonstration of the evault system. Mismo will review the provided information, documentation, and demonstration artifacts to ensure compliance with the mismo evault standards. Each organization can remediate and resubmit for further review by mismo. Mismo then makes a final determination as to whether an evault becomes certified. The mismo certification does not verify compliance with any particular federal, state, county, or other governing/regulatory body laws, regulations, rules, or requirements. Smart doc certification- the mismo smart doc validation rules certification ensures each certified platform has implemented a standard set of rules to validate smart docs which reduces interoperability challenges and streamlines implementations. Mismo smart docs are created in both version 1.02 and version 3 of the mismo standards. Mismo has created separate certifications for each. Mismo certified consultant program- this program is designed to allow seasoned consultant companies the ability to display their mortgage industry domain knowledge, expertise in the mismo standards, and their commitment in supporting the mismo community.”

“Program consultants 986,928.”