By Erin Bittenbender , Kellie Stoll , and Leeann Walker
The MISMO Fall Summit brought nearly 300 participants to Annapolis this September, creating a unique blend of in-person and virtual collaboration. The setting was lively, plenty of handshakes, brainstorming, and hallway conversations. And of course, PhoenixTeam brought our trademark mix of collaboration and fun to the experience! Out of that energy came several key insights from the event:
A New Era of MISMO Leadership: One of the week’s most notable announcements was the appointment of mortgage industry veteran, author, and thought leader Brian Vieaux, CMB, as MISMO’s new president, effective October 16, 2025. Brian is a respected industry executive whose leadership, relationships, and vision will drive innovation, broaden engagement, and advance MISMO standards for the benefit of consumers, lenders, and servicers.
Recognizing Professional Achievements: We were especially proud to celebrate PhoenixTeam’s own Leeann Walker, who was recognized for achieving her Associate MISMO Standards Professional (AMSP) designation. She was joined by Chris Trujillo of Viant Eye, who earned the Certified MISMO Standards Professional (CMSP) designation. Moments like these are a reminder that MISMO is not just about standards, it’s about people investing in their growth and in the future of the mortgage industry.
The Future of the GSEs: Discussions around the GSEs dominated part of the agenda. Competition in the secondary market remains critical, which means at least two entities will be necessary going forward. Yet the path to releasing the GSEs from conservatorship is far from straightforward. While the current administration has shown interest in moving in that direction, the timeline is murky, tied up in capital requirements and the realities of FHFA rulemaking. Some panelists even floated the possibility of the government selling its ownership stake to private entities, underscoring how complex this conversation remains.
Economics: On the economics front, there was some cautious optimism. Retail sales reports beat expectations, and for the first time since 2021, lenders are starting to see modest improvement. Low delinquency rates, strong employment numbers, and larger loan balances have created higher per loan servicing fees, while the expansion of non-QM products is offering profitability in niche markets. That said, pull-through rates have decreased as more borrowers are either denied, withdraw, or run into property-related issues, a reminder of the challenges still facing originators.
Credit Realities: The debate around credit scores highlighted another pain point. MBA continues to assert that the tri-merge system is unnecessarily costly for consumers and would like to see a shift towards a single-report. While the adoption of VantageScore 4.0 is an encouraging step toward competition, it’s only a starting point. Many believe a “waterfall” model that incorporates consumer-permissioned data is the path forward, providing flexibility instead of a one-size-fits-all approach.
Trigger Leads Under New Rules: The recently signed Homebuyers Privacy Protection Act (HPPA) of 2025 also drew attention. Effective September 5th, the law restricts the controversial practice of trigger leads, where consumer data is sold by credit reporting agencies after a mortgage application. Moving forward, lenders will only have access to this information if borrowers opt in or if there is a firm offer of credit. Servicers, originators, and institutions with an existing customer relationship remain exceptions, but overall, the law marks a significant step toward protecting consumer privacy.
Panel and Workgroup Highlights: Several working groups shared important updates. The Mortgage Compliance Dataset (MCD) Development Workgroup is wrapping up version 2.0 of the dataset, which aims to improve the efficiency and transparency of state examinations. To accelerate adoption, MISMO and CSBS announced they will co-host a TechSprint on December 3rd to drive collaboration between regulators and industry.
Automated Valuation Models (AVMs) were also front and center. The release of the MISMO Common Confidence Score offers a new way for lenders to evaluate AVMs consistently. This comes just in time: beginning October 1st, the new joint agency rule on AVM Quality Control Standards will require lenders to ensure accuracy testing, random sampling, and fair-lending compliance when using these models in credit decisions.
Artificial Intelligence and PhoenixTeam's AI Boot Camp: And of course, no mortgage technology discussion would be complete without AI. The message was clear: progress, not perfection. AI should support people, not replace them, and it only works when fueled by data. Demonstrations also highlighted how new digital assistants and AI-driven tools can help guide applications, reduce manual underwriting touches, and streamline processes across the lending workflow.
This year’s Fall Summit also featured a first-of-its-kind AI Bootcamp, designed and led by PhoenixTeam. The half-day program gave mortgage professionals a hands-on, real-world look at how generative AI can be applied across the mortgage lifecycle, from compliance and operations to borrower engagement.
Attendees explored how AI can streamline workflows, reduce regulatory complexity, and support decision-making without sacrificing governance or borrower protections. For many participants, it was their first chance to roll up their sleeves with AI in a mortgage context, and the feedback was overwhelmingly positive.
For PhoenixTeam, this was more than just a workshop... it was part of our commitment to equipping the industry with the tools, training, and confidence needed to navigate the AI future responsibly.
Federal Housing Agency Servicing Dataset: Finally, the Federal Government Housing Agency Servicing Dataset was released for a 30-day public comment period, open until October 16th. This initiative represents a significant step toward aligning federal agencies around standardized MISMO servicing data—a change that could improve consistency and efficiency across the entire ecosystem.
The MISMO Fall Summit was a reminder of why these gatherings matter. From leadership changes to regulatory shifts and from AI demos to certification milestones, it’s where industry standards meet real-world application. For PhoenixTeam, it was also about celebrating our people, strengthening partnerships, and having some fun along the way. We’re grateful to MISMO and MBA for another thoughtful event and look forward to seeing how the conversations in Annapolis shape the months ahead.
📸 Take a look at some of our photos from the Summit: group shots, networking moments, and a few behind-the-scenes glimpses of the PhoenixTeam and MISMO in action.
