Mortgage Industry Standards Maintenance Organization (MISMO) announced two new certifications at its fall summit in Reston, Va., on Tuesday.
The new certifications are designed to help mortgage companies navigate the growing need for responsible AI governance.
The MISMO FRAME Advisory Partner Certification is designed for consulting and advisory organizations and helps lenders and servicers put MISMO Framework for Responsible AI in the Mortgage Ecosystem into practice. Certified organizations can help clients establish processes for AI risk assessment, documentation, oversight, controls, evidence and executive reporting.
The MISMO AI Governance Certification is designed for mortgage technology providers and
gives lenders greater transparency into the governance practices that support AI-enabled mortgage technology as well as additional information they can consider when evaluating technology solutions.
“MISMO’s two new certifications will add another important layer of confidence by helping lenders identify technology solutions that have been evaluated for responsible AI practices and qualified advisors who can help put FRAME into action,” Lindsy Gwozdz, HMA Mortgage Compliance and General Counsel senior vice president, said. “Together, FRAME and these certifications give lenders valuable tools and trusted resources to adopt AI responsibly.”
MISMO is accepting applications.
MISMO’s established certification program gives lenders greater confidence that the technology providers and partners they rely on have demonstrated mortgage-specific expertise.