MISMO Issues Reporting Guide on Forbearance Data Exchange
Tara Dunion tdunion@mba.org
MISMO®, the real estate finance industry standards organization, launched a new guide and sample credit response to help industry professionals using MISMO Reference Models v3.4 and v3.5 better report on loans that have been in or are in forbearance.
The MISMO Forbearance Reporting Guide and Sample Response assists implementers with how to standardize forbearance indicator data from national credit repositories. The guide also instructs on how best to extend the MISMO credit reporting standard to include additional information on credit liabilities that are in or have been in forbearance more accurately and eliminates the guesswork involved in interpreting free form comments.
In addition, the guide and sample response cover how to extend the MISMO XML standard to include additional information on credit liabilities that are in or have been in forbearance. Examples with sample XML credit data are provided throughout the guide, along with detailed explanations.
“This reporting guide enables parties to exchange forbearance information more securely and economically in the context of credit reporting data,” said MISMO President Seth Appleton. “MISMO is dedicated to helping our industry collaborate and communicate as efficiently as possible and this guide shares important advice on the use of these data standards so that servicers can deliver the best possible customer experience.”
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join, click here.
