MISMO Launches Initiative to Facilitate Servicing Transfers
MISMO®, the mortgage industry’s standards organization, is seeking industry participants to collaborate on a new initiative to facilitate servicing transfers.
“Given the challenges of the current environment, developing a standardized dataset to facilitate more efficient servicing transfers is very important,” said Mike Fratantoni, President of MISMO and Chief Economist and Senior Vice President of Research and Industry Technology with the Mortgage Bankers Association. “MISMO is calling for servicing leaders to join us in this effort to develop solutions that will improve the transfer process.”
Participants will identify and prioritize challenges associated with servicing transfers, with the goal of creating standards and best practices that allow for a more seamless and consistent experience for servicers and borrowers.
“Servicing transfers are not standardized across the industry, resulting in excess costs and data quality issues,” said Sandra Thompson, Deputy Director of the Federal Housing Finance Agency Division of Housing Mission and Goals. “The development of a standard set of information will enable more efficient transfers.”
MISMO acknowledges creating a uniform standard for servicing transfers is a large undertaking and that a multi-phase approach is necessary. The first phase will involve the need for a wide variety of servicing industry professionals to join the MISMO Servicing Transfers Development Work Group. The DWG will identify current challenges that exist in the servicer transfer process, prioritize the findings and build a high-level roadmap for developing solutions. Subsequent phases will be dedicated to execution of prioritized roadmap activities.
The Phase 1 workgroup activities will lead to a planned workshop to be scheduled for early September.
Industry professionals with questions or interest in participating in MISMO’s DWG should send an email, with the subject, “Participate in Servicing Transfers Initiative” to email@example.com.
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For more information about MISMO, visit www.mismo.org.
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.