MISMO Releases Framework for AI Governance in the Mortgage Industry

The Mortgage Industry Standards Maintenance Organization (MISMO)—an industry standards setting body—released a framework for AI governance in connection with mortgage lending and servicing.

MISMO’s Framework for Responsible AI in the Mortgage Ecosystem (FRAME) is designed to help mortgage companies establish policies, procedures, controls, and oversight for the responsible use of AI and offers mortgage industry-specific guidance aligned with broader AI governance standards.  It is intended to be useable and scalable for companies of all sizes and which are at any stage in their adoption of AI.  FRAME includes a template for an AI Governance Policy, as well as tools for conducting an AI System Inventory and an AI System Risk Assessment.