MISMO Statement on FSOC Recommendation on Adoption/Use of Industry Data Standards
Seth Appleton, President of MISMO®, issued the following statement in support of the Financial Stability Oversight Council’s annual report recommendation (https://home.treasury.gov/system/files/261/FSOC2020AnnualReport.pdf) that the industry adopt and use industry data standards:
“MISMO commends and supports the recommendation in the FSOC’s annual report that member agencies support adoption and use of standards in mortgage data, including consistent terms, definitions and data quality controls.
“As the industry’s standards organization, MISMO is working to speed the development and deployment of industrywide standards that reduce friction and improve the integration and flow of data across the industry.
“MISMO plays a unique and essential role as the central point for collaboration between lenders, servicers, regulators, insuring and guaranteeing agencies, GSEs and technology providers, enabling the industry to achieve a more seamless and productive digital future.
“MISMO is enabling all industry participants to speak the same language. Through broad industry collaboration, MISMO’s standards address and support solutions to the industry’s toughest business issues, reduce costs and improve transparency and communications in housing finance.”
For more information about MISMO, visit www.mismo.org.