MISMO Seeks Participants to Help Reduce Mortgage Servicing Portfolio Risk
MISMO®, the mortgage industry standards organization, seeks industry participants to join a Development Work Group to create a new standardized mortgage servicing portfolio risk and retention dataset.
The dataset will include information describing events that could trigger a need for servicer analysis, with the goal of improving communications between loan information providers and borrowers.
“There is an industry need for a built-in, standard early warning system for servicers to rely on for potential borrower issues, including loan modifications, loss mitigation, and early pay-offs and delinquencies,” said Mike Fratantoni, President of MISMO and Mortgage Bankers Association Chief Economist and Senior Vice President of Research and Industry Technology. “We’re calling on the industry to help play an instrumental role in improving the relationship between servicers, information providers and borrowers, while identifying ways to reduce costs and errors.”
DWG participants in MISMO’s Servicer Portfolio Risk and Retention initiative will identify important loan data that is required for consumer and property monitoring, pinpoint data fields that generate necessary responses from servicers, and define data often requested for billing and exception handling.
Those interested in more information on the initiative are welcome to participate in an informational session later today (June 3) from 3:30-5:30 p.m. ET as part of the 2020 MISMO Virtual Spring Summit.
Industry professionals with questions or interest in participating in MISMO’s DWG should send an email with the subject, “Participate in Servicer Portfolio Risk and Retention Initiative,” to firstname.lastname@example.org.
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For more information about MISMO, visit www.mismo.org.