MISMO Governance Committee Minutes

							                              MISMO Governance Committee Minutes

                                 Tuesday, June 14, 2011
                                 Conference Call
                                 2:00 – 3:30pm Eastern Time

Attendees                 Governance Category                 Organization
► Harry Gardner (Chair)    Technology Vendor                   SigniaDocs
► Mark Ladd (Vice-Chair)   At-Large                            PRIA
► Mark Friend, obo         GSE                                 Freddie Mac
  Ted Adams
► Kyle Bensen              Mortgage Insurance                  MGIC
► Stephanie Berger         Origination Technology              Ellie Mae
► Mike Bixby               Technology Vendor                   Headstrong Business Services
► Lynn Calahan             GSE                                 Fannie Mae
   Angie Dodson            Lender                              CitiMortgage
   Randy Gillis            Servicing Technology                Lender Processing Services
► Dan Grizzle              Lender                              Wells Fargo Home Mortgage
   Pat Hartford            Lender                              Quicken Loans
► Shawn Jobe               Credit Reporting                    Kroll Factual Data
   James (Jim) Johns       Lender                              Flagstar Bank
► David Krause             At-Large                            Radian Guaranty
► Sandra Martz-Greibe      Origination Technology              Del Mar DataTrac (DMD)
   Kelly Romeo             Service Provider                    American Land Title Assn
   Norwood Sloan           Servicing Technology                Fiserv
   Mercedes Vela           Service Provider                    CoreLogic
   Ex-Officio:
   Greg Alvord             Architecture Chair                  Optimal Blue
   MBA:
   Phyllis Slesinger       MISMO Secretary                     MBA
   Angela Lazear           MISMO Treasurer                     MBA
► Rick Hill                AVP for Industry Technology         MBA
   MERS Staff:
   Dan McLaughlin          Executive VP                        MERS
► Gary Vandeventer         Vice President, Product Division    MERS
   Doug Danko              Vice President, Customer Division   MERS
   Robyn Piatt             Senior Product Manager              MERS
   Juanita Russell         Vice President and Controller       MERS
► Gloria Zimmer            MISMO Standards Director            MERS
Topics of Discussion:
I. Welcome and IPR Statement
Harry Gardner welcomed attendees to the conference call and read the MISMO IPR and
Antitrust Policies statement.
II. Approve Agenda
The Regulatory Issues and MBA Updates topic was moved to the end of the call, and the agenda
was approved as amended.
III. Approve Minutes
The minutes from the May 25, 2011 face-to-face meeting at the Trimester in Las Vegas, NV, had
been reviewed and revised prior to distribution to the Governance Committee. The version
presented to the Committee was approved as submitted.
IV. Upcoming MBA conferences
Residential MBA conferences for the remainder of 2011 were listed in the agenda, with the
addition of the Commercial Real Estate Finance (CREF) Convention taking place in Atlanta, GA on
Feb 5-8, 2012 added to the list.
VIII. Trimester Meetings
May 2011 Wrap-up Report
Gloria Zimmer reported that there were 97 pre-registrations; with 3 walk-ins and 4 no-shows, a
total of 96 attendees. Of the 96, three were non-subscribers. Room block pickup at the Monte
Carlo was 270 room nights, less than the 305 sold in 2010, but above the contractual
requirement of 238 room nights. This was attributed to the firm cutoff date of two weeks prior
to the event.
Estimated expenses for the meeting were shared with the Committee, noting that MERS had not
yet received the final bill from the hotel. Total meeting expenses are anticipated to be very close
to the budgeted amount of $20,000 per Trimester.
September 2011 Meeting Planning
Conversations with members of the Prioritization Subcommittee one day earlier focused on a
high level framework for the overall schedule for the September Trimester meeting to be held at
the Omni Interlocken Resort in Denver (Broomfield) CO the week of September 12 – 16, 2011.
There was significant interest in reviving the educational sessions similar to those held during
the January trimester meeting, with the suggestion that workgroups and sessions focus on
current implementation initiatives. Lynn Calahan suggested a UMDP session, possibly holding it
on Tuesday morning to avoid travel on Sunday. If educational sessions were focused on business
topics, they could attract a different audience than the workgroup sessions.
A suggestion was made to formally establish an Education Subcommittee to develop the
specifics for the educational track at the trimester. Rick Hill mentioned that a consulting firm is
interested in developing some educational programs for MISMO, and was asked to find out
whether this would be pro bono or if the consulting firm is anticipating some form of revenue
sharing. Harry Gardner took the action item to organize an educational subcommittee.
The Governance Committee discussed whether to hold their face-to-face meeting on Monday or
Friday of the September trimester week. There seemed to be a general consensus for meeting
on Friday, and Gloria Zimmer took the action item to conduct an e-mail poll to find out whether
members were able to stay over to meet on Friday and if there was a preference to hold the
meeting that day.

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January 2012 Meeting Planning
Governance members were asked to choose a date for the January Trimester meeting so that
LPS could start searching for hotels. Members chose the week of January 23, 2012 as their first
choice with the week of January 30, 2012 as their second choice.
VI. MERS Infrastructure Support
MISMO Systems
Robyn Piatt reported that MERS Information Systems is looking into a freeware solution that
would support discussion forums. The tool that supports the MISMO website, Joomla, has
options for bulletin boards.
Currently the leading candidate is Kunena, an open-source application that currently claims over
5,000 users. MERS will load this application into a testing region and ask certain members to
evaluate it.
Monthly Financial Report
Monthly financial statements are issued by MERS Accounting Dept. on the 15th of each month,
therefore the May 2011 statement was not available, but would be presented next month.
VII. Standards Development
Version 3.1 Candidate Recommendation – There was no update on Version 3.1 as Ted Adams
and Greg Alvord were not on the call.
eMortgage – Harry Gardner reported that the eMortgage workgroup held a very productive
meeting at the Trimester, covering the topics of MISMO Version 3 Smart Docs®, the eHUD-1
SMART Doc® I-Guide, a Zip Archive I-Guide, the SMART Doc® XML Digital Signature I-Guide, a
Recordable Instrument I-Guide, and other initiatives.
IX. Governance Sub-Committee Updates
Prioritization
As described earlier, a few members of the Prioritization subcommittee held a call the day
before and discussed educational sessions for the September Trimester.
Marketing and Communications
Kyle Benson reported that the subcommittee had not met recently, but their next meeting was
scheduled for Thursday, June 23 from 1:00 pm to 2:00 pm Eastern time. On the agenda are the
three items listed on the Governance Committee agenda: core document, mission statement
and stratified message points to reach specific audiences.
Additionally, the subcommittee will turn their attention to the marketing roadmap, which tracks
marketing activities in the past and anticipates Governance Committee participation in the
preparation of content in the future. The roadmap will be conducive to documenting the value
of the MISMO standards and Version 3.x for business track presentations.
Organization
Dave Krause reported that there were no updates because the organization subcommittee had
not met recently.
Adoption
Shawn Jobe reported that the subcommittee continues work on their goals, focusing on four
core areas: the Vista Project survey; Education, Member Involvement, and how to measure
adoption.
In reference to the discussion about building value propositions, Jobe reminded members that it
is important to target the appropriate audience. While executives are charged with formulating

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a broad strategy and direction, often it is a systems development manager or someone at the
mid-level management level who makes the final decision to use or adopt MISMO.
Finance and Membership
There was no report from the Finance and Membership subcommittee.
X. Regulatory Issues and Other MBA Updates
Rick Hill reported that MBA continues to follow the QRM issue, and is urging federal regulators
to lower their proposed 20 percent down payment requirement for qualified residential
mortgages. MBA has tapped into their grassroots lobbying network, asking them to urge their
members of Congress to remove the rigid loan-to-value (LTV) and debt-to-income (DTI)
requirements included in the proposed rules, reiterating that the proposed rule would shut out
responsible homebuyers and further cripple the housing market.
Earlier this month, federal financial regulators (FDIC, Federal Reserve, OCC, HUD, FHFA and the
SEC) announced an extension until August 1, 2011, of the comment period for proposed rules to
implement the Dodd-Frank Act's risk retention requirements. In the risk-retention concept, the
rules would generally require sponsors of asset-backed securities to retain at least 5 percent of
the credit risk on loans packaged and sold as mortgage securities and would not permit sponsors
to transfer or hedge that credit risk.
Lastly, Hill reported that Mike Fratantoni recently met with the Consumer Protection Bureau to
encourage them to think about using MISMO. Hill suggested providing an educational session
for the CPB about how MISMO would be beneficial to their reporting needs.
XI. Other Business
There was no other business.
XII. Adjourn and Next Call
The next Governance Committee conference call will take place on Tuesday, July 12 from 2:00
pm – 3:30 pm Eastern Time.
The conference call adjourned at 2:57 PM.
Respectfully submitted,




Gloria Gordon Zimmer
MISMO Standards Director
MERS
gloriaz@mersinc.org




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