Structured Finance Development Workgroup

Charter 

The mission of the Structured Finance DWG is to enable Private Label Security (PLS) participants in mortgage securities to use mortgage industry standards for disclosures about the securities. Collaboration between PLS participants and MISMO is necessary to reconcile the expressed needs of investors with the data points that have been standardized in the MISMO Reference Model.  This collaboration will occur within the structure of the MISMO Structured Finance Development Workgroup.

Structured Finance Development Workgroup Community Page

Current Goals and Objectives

Established in September 2013, the Structured Finance DWG will compare the list of data points requested by PLS participants with existing MISMO standards and identify any potential gaps. They will review potential gaps to determine whether or not additional data points are required to be added to the MISMO Reference Model. Finally, the Structured Finance DWG will also review existing MISMO standards to determine if PLS participants would like to add any additional data to their standard disclosures. Residential loan level and pool level disclosures are in scope for this effort. Disclosures will cover the initial security issuance as well as necessary periodic disclosures through the life of the security.

Major milestones and timeframes to support goals

·  As of 4/5/16, per the latest draft copy of the Schedule AL mapping document to MISMO data points including changes through the 4/5/16 meeting

·  The DWG is through field 271 of 271 fields

·  It has been confirmed that 50 of those fields need MISMO changes and/or expanded MISMO enumerations

·  The proposed updates are currently being reviewed by the Core Data Structures (CDS) workgroup in anticipation of including them in a future release. 

·  Upon completion, the next step will be for the Structured Finance DWG reps to work the changes through the MISMO approval infrastructure  

· The proposed updates have been approved by the Core Data Structures (CDS) workgroup in anticipation of including them in a future release. 

· The Structured Finance DWG are making the suggested changes from the CDS workgroup to the Schedule AL mapping toolkit by 11/22/16. This will complete the mapping project and ready the work product for subsequent publication by MBA and SFIG and use by their respective members. 

Key Stakeholders

Participants include the following:  

· Issuers
· Lenders
· Investors
· Servicers
· Underwriters
· Rating Agencies
· Trustees
· Law Firms
· Due Diligence Firms
· Accounting Firms
· Regulators (SEC)

Anticipated end date for DWG

Q4 - 2016

Leadership

Joe Deller, Vice President, Bank Of New York Mellon  - Co-Chair

Bill Felts, Vice President, Citibank - Co-Chair



Workgroup Meeting Schedule

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