The need for standardization and simplification in the mortgage industry is clear. In order to obtain a mortgage, many complex and interrelated processes must occur. These processes frequently cross-organizational and divisional boundaries and so standards have long been a requirement for communication. One of the biggest issues in the mortgage industry is the number of interactions between collaborating parties and the complexity of these interactions. The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 under the auspices of the Mortgage Bankers Association (MBA) in order to facilitate the creation and maintenance of XML data interchange standards for the mortgage industry. MISMO defines actual XML element and attribute names that represent a standardized view and organization of mortgage-related data elements.