MISMO Launches Private Label RMBS Specification, Implementation Guide

MISMO, the real estate finance industry’s standards organization, announced that the Private Label Residential Mortgage-Backed Securities (PL RMBS) Specification has reached “Candidate Recommendation” status, which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.

“These work products serve to enhance the quality and consistency of data sent to the rating agencies, which will lead to a more efficient process for private label residential mortgage-backed securities,” said David Coleman, President of MISMO.

The MISMO PL RMBS Specification provides a standard and defined set of data that can be used by the rating agencies to help determine the ratings applied to securitizations. The MISMO PL RMBS iGuide provides clarity in the data rating agencies receive and outlines a roadmap to Third-Party Reviewers (TPR) on how to make sure they are providing consistent data.

The tools are designed for parties that support the submission of the current ASF and supplemental mapping specifications to the Rating Agencies. They will provide lenders, rating agencies, TPR and technology solution providers with the necessary information to update their systems with the revised data from the MISMO PL RMBS or flat file layout.

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 visit MISMO.org.