MISMO adds 40 definitions of fee charges to reference guide

The Mortgage Industry Standards Maintenance Organization has added over 40 standardized fee names to a dictionary it created and is seeking public comment on the revisions.

The 30-day public comment period on those updates runs through Aug. 7.

“MISMO developed this guide to promote the uniform usage of fee names and descriptions for the purpose of creating consistency across the industry and to facilitate efforts to comply with regulations,” said its Acting President Rick Hill in a press release. “These efficiencies ultimately reduce costs and save time for all parties involved.”

The Consumer Facing Charge and Fee Naming Guide became available for use in July 2023.

At the time, then-MISMO president David Coleman said the organization was looking “to promote the uniform application of fee…