2009 MISMO Strategic Planning

1. 2009 MISMO Strategic Planning RGC 2008 Retreat, November 12-14, 2008

2. Agenda v3.0 Implementation Definition of Success Approach Scope Release Dates and Versions Reference Model Published Schema LDD Completion Plan Guiding Principles Key Tasks Remaining Status of Open Issues MEG Status Change Management Plan Outreach Support for v2.x Transactions MISMO as an Organization MISMO Mission MISMO Board RGC Subcommittee Open Items Subscribers 2009 High-Level Action Plan Process Area Ideas Work Product Ideas WG Development Ideas Subscriber Retention and Acquisition Outreach Alliances Questions November 21, 2008 2 MISMO Confidential

3. V3.0 Implementation November 21, 2008 3 MISMO Confidential

4. Definition of v3.0 Implementation Success GSEs have deadline from their regulator the Federal Housing Finance Agency (FHFA) to implement a v3.0 Loan Delivery Message in early 2009 Full adoption by the GSEs of a MISMO standard will be a big win for MISMO FHFA supports MISMO as the GSE standard moving forward. MISMO must meet this opportunity and over-riding industry need. THEREFORE: Success is implementing a v3.0 Loan Delivery Message and underlying LDD and Reference Model in early 2009 November 21, 2008 4 MISMO Confidential

5. v3.0 Implementation Approach Priority for first release is the Loan Delivery message Continue work on other messages and parts of Reference Model Lay out the steps needed to complete any message for implementation Provide WGs that think they will be ready to implement message(s) in the first release with the steps they need to complete for publication. For those WGs that are not ready, provide them with the steps that they need to complete for publication in later releases. November 21, 2008 5 MISMO Confidential

6. v3.0 Implementation Guidance for WGs Narrowing implementation scope is still a win Common to have full vision then scope down Still can implement in first release if ready For WGs basically ready now: Specific action plan on what is required to be included in 2/20/09 Release�with due dates for each component�will be provided Implementation schema are to be trimmed at the Container level For WGs not ready for first release: Specific action plan on what is required to be included in subsequent releases Release�with due dates for each component�will be provided Messages cannot be included in May 2009 Production Release if they are not ready by February 20, 2009 November 21, 2008 6 MISMO Confidential

7. v3.0 Release Dates and Versions January 26-30 (Trimester) Demonstration Models, Set 3 February 6, 2009 WG Messages for this first release due to AWG February 20, 2009 First Release of 3.0 May Trimester Release 3.0 (production) Subsequent releases follow MEG 0006, �Versioning and Release� November 21, 2008 7 MISMO Confidential

8. SCOPE v3.0 Implementation November 21, 2008 8 MISMO Confidential

9. v3.0 First Release Scope Decision Loan Delivery Schema Supporting Reference Model Supporting LDD Supporting MEGs High Level Implementation Guidance Any WG messages that are ready for February 20, 2009 implementation Reference Model LDD High Level Implementation Guidance November 21, 2008 9 MISMO Confidential

10. v3.0 Reference Model Scope Methods for Limiting Scope Implement model at a given state with one target message (WGs can still work on readying their messages for later releases) Publish only those services messages that are ready Select containers that could be in published in later releases. Risks v2.x grew organically--even if the v3.0 architectural framework is rock solid, phased implementations could result in the discovery of a major flaw after publication, for example: Non-backwardly compatible releases Suboptimal implementations Mitigators There will always be ways to improve v3.0 no matter how large the scope of the first release. November 21, 2008 10 MISMO Confidential

11. Published v3.0 Schema Structure GC Recommendation to Architecture WG Published Schema should include all containers used by the message Not all data points need to be used Those data points that the WG does not recommend do not need to be exchanged WGs must document recommended use of each data point in the containers used by their messages�by either: Some level of I-Guide at publication to communicate MISMO standard use Annotation in LDD Draft MEG 0040 �Publication Package� addresses this issue November 21, 2008 11 MISMO Confidential

12. v3.0 Logical Data Dictionary (LDD) Scope Use existing LDD names (don�t expand to capture Reusables) for 2/20/09 Release Based on feedback, determine if need to publish an expanded LDD with a later release WG review of the new, re-named, and re-defined data points Review conducted in conjunction with review of the demonstration models is sufficient to prepare for publication of 2/20/09 Release Update LDD names with revised class words Limit initial scope to data points included in the 2/20/09 Release Arcrole Names Could publish 2/20/09 Release with none, a small subset, or more as able (XLink will still work) November 21, 2008 12 MISMO Confidential

13. Completion Plan v3.0 Implementation November 21, 2008 13 MISMO Confidential

14. Guiding Principles RGC authorized D3 Call Participants to make necessary technical decisions the best they can to avoid delays AWG Chair to announce topics to be discussed on AWG calls to the �All_MISMO� List Serve prior to each call WG review of demonstration models is sufficient to prepare for publication of 2/20/09 Release November 21, 2008 14 MISMO Confidential

15. Key v3.0 Tasks Remaining Prepare last set of demonstration models Prioritize and assign issues on AWG issues list on SharePoint Prioritize and assign MEGs on MEG list on Wiki Prepare LDD Prepare implementation guidance Develop change management policy, plan, and process for comments received in response to First Release Plan, prepare, and disseminate outreach communications; a Marketing Plan for v3.0 Manage these activities at more detailed level than major milestones November 21, 2008 15 MISMO Confidential

16. AWG�s v3.0 Issue List* November 21, 2008 16 MISMO Confidential

17. v3.0 MISMO Engineering Guide Status Resource Issues People who build the Reference Model and messages are the same people who need to write the MEGs. Need resource(s) to document the design decisions in the MEGs. Have plenty to provide feedback but not enough to write Technical Issues Technical architecture is still changing Business requirements are still changing Process of writing MEGs includes discussing a concept, understanding it, fleshing it out, putting it in words, and then providing it to the AWG for feedback. November 21, 2008 17 MISMO Confidential

18. Change Management Process Develop a process for accepting, documenting, evaluating, and applying industry feedback Define for pre-2/20/09 Release and �beta� period Define for post v3.0 Release 1 November 21, 2008 18 MISMO Confidential

19. Outreach Messages Build on messages from Tech 101 Presentation at MBA Annual Celebrate MISMO successes MISMO standards are used, refined, and tested, have momentum Why would a business want to use any other standard? In response to needs and requirements of industry, MISMO is rolling out v3.0 November 21, 2008 19 MISMO Confidential

20. Support for v2.x Transactions Prior to v3.0 Release 1 Maintain current policy requiring RGC approval for any changes Allow any changes necessitated by regulatory requirements MISMO will post any extensions it makes to v2.x transactions After v3.0 Release 1 Create and publish a transition plan for withdrawing v2.x support for regulatory changes Enforce new development only in v3.0 Provide no �official� support for v2.x transactions November 21, 2008 MISMO Confidential 20

21. MISMO as an Organization November 21, 2008 21 MISMO Confidential

22. MISMO Mission Current Mission: MISMO was created to promote and support the common business interests of the real estate finance industry. Its mission is to benefit industry participants and consumers of mortgage and investment products and services by: Fostering an open process to develop, promote, and maintain voluntary electronic commerce procedures and standards for the real estate finance industry, and Enabling mortgage lenders, investors, servicers, vendors, borrowers, and other parties to exchange real estate finance-related information and eMortgages more securely, efficiently and economically. Updated Message: Become the standards setting body for Real Estate Finance. November 21, 2008 22 MISMO Confidential

23. MISMO Board Board Composition In the process of filling two vacancies (Catherine Rodewald of Prudential and Dawn Gibbs of FICS) Typically has 5 members to be fully staffed. Continuing Board Members are Chair Stephen Gozdan, Cenlar FSB; Bill Frazer, CBRE|Melody; and Thomas Richardson, B of A R. Duff of Fiserv is the Ex Officio Member from the RGC. Board Strategy Board hasn�t had a specific strategy for awhile; however, this Board is engaged and responsive. Board Role MISMO Board is unusual because it doesn�t have full fiduciary responsibility. MISMO looks to the Board for high level business knowledge. Board has been having ongoing discussions about its role. November 21, 2008 23 MISMO Confidential

24. GC Subcommittee: MISMO Standards Advancement Open Items Approve Version Release Strategy, Policy, and Procedures DONE: MEG Version Release Process NEEDED: GC Approval of MEG on Process Discussion and Decision on Schedule Define v3.0 Standards Package DONE: Proposed Standards Package Contents (in PaPs) NEEDED: Consensus on what is needed to publish Develop Clear v3.0 Value Prop DONE: Nearly Final Draft NEEDED: Finalize and Disseminate Complete SmartDoc 3.0 DONE: Several documents and entry of terms into LDD NEEDED: Integrate SMART Doc, PRIA Doc, and embedded file into one structure Version Release GC Discussed and Decided on a Release Schedule Define v3.0 Standards Package Discussed what is needed to publish Consensus on scope of first release November 21, 2008 24 MISMO Confidential

25. GC Subcommittee: Organizational AlignmentOpen Items Clearly define participant roles and responsibilities DONE: Roles Identified, GC responsibilities and some WG Leader & Member responsibilities documented in PaPs NEEDED: Identify gaps not covered in PaPs and determine how best to communicate roles & responsibilities Manage Critical Paths more Effectively DONE: Established v3.0 milestones & deliverables & managed against them; identified risks & assessed them periodically NEEDED: Help managing scarce resources and prioritizing non v3.0 tasks Better Support WGs DONE: Online status reporting tools, more staff support NEEDED: WG Leader development plan, more GC interaction, use by WGs of online tools November 21, 2008 25 MISMO Confidential

26. GC Subcommittee: MISMO Stds Adoption & CommunicationOpen Items Develop & execute Outreach Program DONE: New MISMO Booth, Publication of v3.0 Milestone achievements, normal press releases, speaking engagements, e-mail and ads NEEDED: Updated Marketing Plan based on 2009 Strategy Better identify barriers to adoption and how to overcome them DONE: Preliminary list of barriers from 2007 Retreat NEEDED: Flesh out and add detail Finish success stories and case studies DONE: Two success stories in progress NEEDED: Finalize and disseminate Finish MXCompliance for major service providers (title, valuation) DONE: Completed Title Test Guide; Draft MXC Value Prop; MXC Test Guide Template NEEDED: Draft and complete Valuation Test Guide November 21, 2008 26 MISMO Confidential

27. MISMO Organizational AccomplishmentsSubscribers 119 Subscribers Trimester Attendance January 2008: ~115 September 2008: ~76 Sponsorships Regular Sponsorships (Fiserv, Freddie Mac, FICS, Buckley Kolar) Hosting Sponsorships (Optimal Blue, Freddie Mac, Fannie Mae) Annual Booth Sponsorships (Equifax, Fiserv, Fannie Mae) Trimester Support (PRIA) November 21, 2008 27 MISMO Confidential

28. High Level Action Plans 2009 November 21, 2008 28 MISMO Confidential

29. Process Area Ideas Loan Boarding Servicing Transfer Monthly Investor Reporting Default/Foreclosure/Bankruptcy Escrow analysis Education ASF Response/Mirroring Regulatory Compliance Quick Response Team November 21, 2008 29 MISMO Confidential

30. Work Product Ideas WebEx training classes; Adobe Connect; selling recordings of those sessions Survey participants on what best topic would be Reach people who never have opportunities to travel Support organizations� implementations of MISMO Develop electronic modification transaction November 21, 2008 30 MISMO Confidential

31. WG Development Ideas Acknowledge individual contributions Review voting structure and consider modifying Develop and define concept of �participation� Track participation much more closely Loose structure has pros and cons�new environment requires more discipline November 21, 2008 31 MISMO Confidential

32. Subscriber Retention and Acquisition Review membership structure and dues Consider providing a conference for learning and other meetings for working Consider charging for standards (especially non-Subscribers) Offer �joint memberships� with Alliance Partners November 21, 2008 32 MISMO Confidential

33. Outreach Ideas Leverage MBA�s Mortgage Alliance Leverage MBA Government Affairs Staff Craft message to include thoughts from Tech 101 presentation Finalize Value Prop but more importantly boil it down to Exec Presentation Level November 21, 2008 33 MISMO Confidential

34. Alliances Ideas Default Servicers US Foreclosure Network American Foreclosure Network Servicing Trade Assns November 21, 2008 34 MISMO Confidential

35. Questions? November 21, 2008 35 MISMO Confidential