Standard
FAQ
Services
The document below defines MRMIA’s recommended documentation standard for vendor models.
The document below provides answers to frequently asked questions regarding the interpretation and application of MRMIA’s vendor documentation standard.
MRMIA Compliance
MRMIA offers a compliance verification service. Working with vendors, we review their model documentation and confirm that the vendor has answered all questions in the MRMIA vendor documentation standard or written an explanation for why a given question does not apply in their application area. MRMIA will iterate with the vendor as needed until all required information is provided. Upon completion, the vendor will receive a letter from MRMIA certifying that the documentation is in compliance and an MRMIA Compliance logo that may be used for that model.
MRMIA’s compliance verification service is not a model validation. The model owner, presumably a lender who licenses the model, is responsible for determining that the model is fit for purpose in their use case. MRMIA’s role is to make sure that the vendor is providing a minimum amount of information necessary to begin the validation and review process.
This service is available for a one-time $5,000 fee. Contact [email protected].
MRMIA Training
Periodically, MRMIA will offer training in how to comply with MRMIA’s documentation standards and how to use those in the model validation process of the licensees. This training will be offered periodically. Contact [email protected] for custom training or special events.