MISMO Overview: MISMO is the standards development body for the mortgage industry. MISMO standards are available to everyone and used by mortgage lenders, investors in real estate finance and mortgages, servicers, regulators, industry vendors and other parties to efficiently, and securely, exchange quality information. Historically, information stored in documents (typically word-processor document or PDF) has been difficult to extract and transport into other applications or for other uses. Mortgage originators have had to copy and paste or transcribe information from third-party reports into their internal-review documents, spreadsheets, forms or internal systems. These efforts could be described as manual, error-prone and tedious. This slows down the process tremendously. MISMO constructs a standard approach whereby two business-related firms can streamline shared data contained in forms or reports. MISMO does not dictate what kind of software to use or even the appearance of loan-documentation forms. Rather, it dictates how to format data sent to another party. This allows all parties to develop, run and maintain their own platforms while having uniform efficiency. MISMO provides the framework; it is up to the firms using the standards to decide which fields they will need and populate. For more information, please refer to the MISMO website: http://www.mismo.org/default.htm MISMO in SoftPro: Each fee on the Closing Disclosure Form (CDF) Pages 2 & 3 must be assigned a MISMO fee type if you are sending data electronically to a lender. If you are not importing or exporting data with lenders, you do not need to complete the Fee type field as described below. If you are unsure, please ask your lender or loan originator. Each Fee type is selected on the back charges screen using the Line Link as shown below. This allows SoftPro to extract and send our data to Lenders using the MISMO standards. Page 1 of 9
Below is the complete list of all the MISMO fee types by category. Commissions Page 2 HOA Page 2 Inspections & Utilities Page 2 Insurance Page 3 Lender Fees Page 4 Offsets Page 6 Other Page 6 Payoff / Liens Page 6 Recording & Taxes Page 7 Title & Escrow Page 8 Commissions Fee Type CDF Page 2 CDF Page 3 *UCD Compliant Real Estate Commission Buyers Broker Real Estate Commission Sellers Broker HOA Association Dues Condominium Association Dues Condominium Association Special Assessment Cooperative Association Dues Cooperative Association Special Assessment Homeowners Association Dues Homeowners Association Lien Homeowners Association Special Assessment Other Inspections and Utilities Asbestos Inspection Fee Disaster Inspection Fee Dry Wall Inspection Fee Page 2 of 9
Inspections and Utilities,, Cont. Electrical Inspection Fee Environmental Inspection Fee Foundation Inspection Fee Heating Cooling Inspection Fee Home Inspection Fee Lead Inspection Fee Manufactured Housing Inspection Fee Mold Inspection Fee Other Pest Inspection Fee Plumbing Inspection Fee Radon Inspection Fee Roof Inspection Fee Septic Inspection Fee Smoke Detector Inspection Fee Structural Inspection Fee Utilities Water Testing Fee Well Inspection Fee Insurance Credit Disability Insurance Premium Credit Life Insurance Premium Credit Property Insurance Premium Credit Unemployment Insurance Premium Debt Cancellation Insurance Premium Earthquake Insurance Premium Flood Insurance Premium Hail Insurance Premium Hazard Insurance Premium Homeowners Insurance Homeowners Insurance Premium Other Volcano Insurance Premium Wind And Storm Insurance Premium Page 3 of 9
Lender Fees 203K Architectural And Engineering Fee 203K Consultant Fee 203K Discount On Repairs 203K Inspection Fee 203K Permits 203K Supplemental Origination Fee 203K Title Update Amortization Fee Application Fee Appraisal Desk Review Fee Appraisal Fee Appraisal Field Review Fee Appraisal Management Company Fee Assignment Fee Assumption Fee Attorney Fee Automated Underwriting Fee AVM Fee Bankruptcy Monitoring Fee Bond Review Fee Certification Fee Chosen Interest Rate Credit or Charge Total CLO Access Fee Credit Report Fee Flood Certification Escrow Waiver Fee General Counsel Fee High Cost Mortgage Counseling Fee Interest On Loan Assumption Lender Credit Lenders Attorney Fee Loan Discount Points Loan Level Price Adjustment Loan Origination Fee Loan Originator Compensation Page 4 of 9
Lender Fees,, Cont. Manual Underwriting Fee MERS Registration Fee MI MI Initial Premium MI Upfront Premium Modification Fee Mortgage Broker Fee Mortgage Insurance Premium Mortgage Surcharge County Or Parish Mortgage Surcharge Municipal Mortgage Surcharge State New Loan Administration Fee Other Our Origination Charge Total Pre-closing Verification Control Fee Prepaid Interest Processing Fee Property Inspection Waiver Fee Property Tax Status Research Fee Rate Lock Fee Redraw Fee Reinspection Fee Subordinate Financing Proceeds Subordination Fee Tax Related Service Fee Temporary Buydown Administration Fee Temporary Buydown Points Underwriting Fee USDA Rural Development Guarantee Fee VA Funding Fee Verification Of Assets Fee Verification Of Employment Fee Verification Of Income Fee Verification Of Residency Status Fee Verification Of Tax Return Fee Verification Of Taxpayer Identification Fee Page 5 of 9
Offsets Ground Rent Other Rent From Subject Property Seller Credit Tenant Security Deposit Other Bond Fee Borrower Estimated Total Monthly Liability Payment Fuel Costs Gift Grant Holdback Home Warranty Fee Proceeds Of Subordinate Liens Relocation Funds Repairs Fee Repair Completion Escrow Holdback Sellers Mortgage Insurance Assumption Sellers Escrow Assumption Services Sweat Equity Trade Equity Unpaid Utility Escrow Holdback Payoffs/Liens Collections Judgments And Liens Deferred Student Loan First Position Mortgage Lien Garnishments HELOC Installment Lease Payment Mortgage Loan Open 30 Day Charge Account Page 6 of 9
Other Personal Loan Revolving Satisfaction Of Subordinate Lien Second Position Mortgage Lien Third Position Mortgage Lien Unsecured Home Improvement Loan Installment Unsecured Home Improvement Loan Revolving Recording & Taxes Borough Property Tax City Property Tax County Property Tax Delinquent Taxes District Property Tax Documentary Stamp Fee Municipal Lien Certificate Fee Other Past Due Property Tax Property Taxes Recording Fee For Assignment Recording Fee For Deed Recording Fee For Mortgage Recording Fee For Municipal Lien Certificate Recording Fee For Release Recording Fee For Subordination Recording Fee Total State Property Tax Tax Lien Tax Stamp For City Deed Tax Stamp For City Mortgage Tax Stamp For County Deed Tax Stamp For County Mortgage Tax Stamp For State Deed Tax Stamp For State Mortgage Page 7 of 9
Recording & Taxes es,, Cont. Taxes Town Property Tax Transfer Tax Total Title & Escrow Copy Or Fax Fee Commitment Fee Courier Fee Deed Preparation Fee Document Preparation Fee Electronic Document Delivery Fee Escrow Service Fee Filing Fee Notary Fee Other Payoff Request Fee Power Of Attorney Preparation Fee Power Of Attorney Recording Fee Rebate Credit Reconveyance Fee Settlement Fee Signing Agent Fee State Title Insurance Fee Survey Fee Title Certification Fee Title Closing Fee Title Closing Protection Letter Fee Title Document Preparation Fee Title Endorsement Fee Title Examination Fee Title Final Policy Short Form Fee Title Insurance Binder Fee Title Insurance Fee Title Lenders Coverage Premium Title Notary Fee Page 8 of 9
Title & Escrow, Cont. Title Owners Coverage Premium Title Services Fee Total Title Services Sales Tax Title Underwriting Issue Resolution Fee Wire Transfer Fee * Freddie Mac and Fannie Mae have provided a common industry dataset called the Uniform Closing Dataset (UCD UCD) to support the Consumer Financial Protection Bureau's (CFPB) Closing Disclosure. Fannie Mae and Freddie Mac will require lenders to submit a data file that includes these fee types. Since this data file does not support all fee types, the UCD compliant column shows you which fee types are supported by Freddie Mac and Fannie Mae. Some lenders may prefer that you use only UCD compliant fee types. If you are unsure, please ask your lender or loan originator. Page 9 of 9