Servicing Workgroup

Charter 

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

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 FriendProject Manager, Freddie Mac - Co-Chair

Cathy ClarkSenior IT Business Consultant, Black Knight Financial Services - Co-Chair

Geran Combs, Actualize Consulting - Co-Chair



Workgroup Meeting Schedule

Got a Question for the Workgroup? Contact the workgroup at  INFO@MISMO.org