Consumer Friendly Fee Naming Development Workgroup
The mission of the MISMO Fee Naming Development Workgroup is to collaborate to create a set of consumer friendly, disclosure ready, standardized fee terms and definitions to provide the industry with common fee names for the Loan Estimate and Closing Disclosure. Developing and promoting consistent application of easy to understand mortgage fee terms and definitions will help to get everyone "speaking the same language" and support industry efforts to comply with regulations saving everyone time, money, and effort.
Current Goals and Objectives
· Provide a mechanism enable consistency of fee terminology used on disclosures
· Draft a dictionary of consumer friendly fee names and definitions
· Not about the technical solution or vehicle, but more about consensus on commonly used fees and better definitions that might be acceptable to CFPB.
Lisa Bolelli, Senior Director Product Manager, ClosingCorp - Co-Chair
Evelyne Clark, Vice President of Fee Governance, Wells Fargo Bank, N.A. - Co-Chair
Got a Question for the Workgroup? Contact the workgroup at INFO@MISMO.org