MISMO Issues Call for Participants for New Workgroup Focused on Standardizing Regulatory Compliance Examination File
MISMO®, the real estate finance industry standards organization, is calling for participants for a new development workgroup focused on defining the standard loan data fields and delivery format that lenders must provide state regulators for the loan portfolio review portion of state examinations.
MISMO said the current lending examination process is lengthy and costly for both lenders and state regulators. The new MISMO Regulatory Compliance Examination File DWG aims to standardize the data transmission procedure used during state examinations.
The DWG’s deliverables include:
- Creation of a standard dataset and delivery file format for the Regulatory Compliance Exam File,
- Analysis of the existing Lending Examination File format and various MISMO work products, and
- Industry participation to provide input and feedback throughout the process.
The benefits of standardizing the data and delivery file format include:
- Reducing the time spent by lenders preparing for and responding to exam requests,
- Improving compliance by enabling lenders to use a consistent data set and format to evaluate and cure loans during loan origination and/ or prior to examinations,
- Reducing the occurrence of inaccurate examination test results, and
- Creating efficiency for regulators by enabling the use of automated compliance testing technology.
The Regulatory Compliance Examination File Workgroup will conduct regular meetings via conference call and will meet in person at the upcoming MISMO Fall Summit. This DWG is expected to exist for approximately one year or until it completes its mandate.