This week, MISMO announced updates to its reference model, incorporating features for reverse mortgages, marking a significant milestone in industry collaboration. George Morales highlighted the importance of a shared learning approach among professionals from both forward and reverse mortgage sectors during the weekly meetings. Morales praised the contributions of MISMO volunteers from the forward mortgage community for fostering this collaboration. Looking ahead, the group aims to tackle the secondary market for reverse mortgages once they finalize the current updates, indicating a commitment to continuous improvement in the mortgage industry.
Morales emphasized the need for a shared posture of learning in the collaboration process, which greatly facilitated smooth communication between the forward and reverse mortgage sectors.
The recent updates to the MISMO reference model include reverse mortgage features, creating new opportunities for collaboration between forward and reverse mortgage professionals.
George Morales described the collaborative efforts as a significant lift, requiring engagement and contributions from professionals both within and outside the reverse mortgage industry.
The group is looking forward to the next project focusing on the secondary market for reverse mortgages, viewing it as an essential advancement after the current reference model work.
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