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. MISMO is calling for servicing leaders to join us in this effort to develop solutions that will improve the transfer process,” said Mike Fratantoni, President of MISMO and Chief Economist and Senior Vice President of Research and Industry Technology at the Mortgage Bankers Association (MBA).
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, Federal Housing Finance Agency (FHFA) Division of Housing Mission and Goals. “The development of a standard set of information will enable more efficient transfers.”
MISMO acknowledges that 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 (DWG). 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 2020.
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 info@mismo.org.
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For more information about MISMO, visit www.mismo.org.