Fee Naming Development Workgroup
Join MISMO's Fee Naming DWG!
The Fee Naming Development Workgroup is working 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.
The group aims to:
· 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.
If you are interested to participate with this group and are already a MISMO member join the collaboration site that has been established for this group. If you are not a member of MISMO, let us know that you would like to participate by sending a message to firstname.lastname@example.org.
Brian Webster, Wells Fargo, Chair