MISMO®, the real estate finance industry's standards organization, today announced the publication of updates to its Consumer-Facing Charge and Fee Naming Guide.

“The Naming Guide empowers lenders to deliver a more transparent, efficient, and compliant mortgage experience for consumers and stakeholders alike,” said MISMO Acting President Rick Hill. “This update, which includes a comprehensive guide and the addition of more than 40 new fees, enables lenders to effectively support evolving loan origination practices, particularly in the expanding e-mortgage sector.”

This work enables lenders to:

• Improve Fee Transparency: By replacing vague “other” fee labels with specific, standardized names, lenders can present clearer, more consumer-friendly disclosures on Loan Estimates and Closing Disclosures.
• Ensure Data Accuracy and Consistency: Standardized fee terminology supports accurate data transmission to GSEs and aggregators, aligning with delivery requirements and reducing the risk of compliance issues.
• Reduce Operational Costs: Uniform fee naming conventions streamline system integrations and data workflows, minimizing manual interventions and promoting end-to-end data cleanliness.
• Advance Secondary Market Alignment: By moving toward standardized data practices, lenders demonstrate progress in meeting expectations from Fannie Mae and Freddie Mac, reinforcing trust and reliability in the secondary market.

MISMO’s work to solve key industry challenges is made possible through the support of its members, champions, sponsors, and lenders (via the Innovation Investment Fee). To learn more about MISMO and opportunities to participate, visit MISMO.org.