Since I couldn't comment on Mike's Blog I thought I would respond here regarding his post pertaining to Choosing a Loan Message Exchange Standard for Banking.
In defence of MISMO the new standards are in xsd not dtd. Also MISMO is very good for a few specific Mortgage transactions. Currently MISMO closing looks the best for use outside of a given transaction. Also in regards to vendor adoption its quite poor compared to the FNMA format.(compared to IFX however, that's another story)
There is a lot I don't personally care for in MISMO but one on the most important things it provides our area is a common agreed upon vernacular.