Servicing Community of Practice

Charter 

The mission of the Servicing Community is to develop and maintain data standards used for electronic exchange between trading partners related to servicing activities. In addition, the Workgroup develops supporting documentation to provide guidance in the use of these data standards.  

Servicing Community Page

Current Goals and Objectives

Servicing includes day to day administration of mortgage loans including:

·New loan boarding on servicing systems
·Payment collection and application
·Management of interest and payment adjustments
·Escrow management
·Default management
·Customer service
·Regulatory compliance
·Loan investor reporting (including contract management)
·Communication of Servicing data to Third Parties (vendor management, Servicing Transfers)

The Servicing Community focuses on the areas of the MISMO Reference model that support servicing activity. The community is continuing their work on a significant volume of modifications to the model in response to recent regulations and industry updates. The Servicing community has been focused on mapping the servicing transfer data requirements for the MBA Servicing Transfer community.

Major milestones and timeframes to support goals

· MISMO mapping for MBA Servicing Transfer data requirements - Ongoing
·Review and assistance with MISMO mapping work in the CFPB EOC DWG - Ongoing

Key Stakeholders

Participants in the servicing community which include:

·Servicers
·Service Bureaus
·Loan Investors
·Interested Third Parties (such as participants in a Servicing Transfer)

Leadership

Mark Friend, Freddie Mac, Co-Chair

Cathy Clark, Black Knight Financial Services - Co-Chair

Geran Combs, Actualize Consulting, Co-Chair



MISMO Meeting Schedule

Got a Question for the Community? Contact the community at  INFO@MISMO.org