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Date: April 19, 2016
Title: Data Data Gizmo's in the Loans Industry: MISMO and FIBO
Authors: Lynn Calahan [X] (Unlicensed) & Michael
Venue: FIBO Days at EDW This link gives full details of 2-day event including program.
Abstract: This presentation describes the effort to represent in the Financial Industry Business Ontology (FIBO) Loans ontology the newly revised FIBO-Loans is a semantically rigorous format designed to unambiguously express information about loans. This is a case study of how to create and use an ontology in a specific sub-discipline in finance that builds on the general purpose finance concepts in the core FIBO modules. We also consider the important question of why. There is already, MISMO, an industry standard for transmitting mortgage data in XML. We compare the two standards, arguing that both are important and need to co-exist.
We describe the process of building the ontology, and getting it ready for application. We keep the level of abstraction low enough to ensure that the ontology is directly usable as a data model. The ontologist bridges the gap between the loan experts and the existing FIBO concepts. Finally, we describe lessons learned and preliminary experiences in using FIBO-Loans to represent data.
- Scope defining use cases: Home Mortgage Disclosure Act (HMDA)
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- and schema.org
- Overview of MISMO, an existing standard for mortgages.
- Examples showing how to apply the FIBO loans ontology, ready to use as a data model
- What does the FIBO-Loans ontology offer compared to MISMO. What are their roles and how can they co-exist?
- A number of changes to existing FIBO were recommended, thus firming up the stable core that is essential to making fast incremental progress.
- The future looks bright for additional FIBO modules coming on line in specific sub-disciplines of finance.
Ontolog Summit: Semantic Integration in Finance
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Date: March 24, 2016
Title: Referencing the Home Mortgage Disclosure Act in Building a Loans Ontology
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