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MBA and MISMO boards of directors endorsed a funding model of a $0.75 fee for all new loans, the billing occured in early February, 2021. For the first year only, the bill will include originations for the six-month period from July 1, 2020 through December 31, 2020. Learn more about the innovation investment fee here.
MISMO Issues Call for Participants for New Workgroup Focused on Automating Homeowner Insurance Requests
MISMO®, the real estate finance industry's standards organization, today announced it is seeking participants for a new initiative focused on automating homeowner insurance (HOI) requests.Today, HOI validation and the exchange of related information is often a very manual process. Standardizing HOI data exchange requests and responses will decrease transaction processing time, increase data accuracy, encourage uniformity across the industry and increase the security around non-public information.
CRYSTAL CITY, VA.–An efficient private-label securities market requires that investors have confidence in their understanding of asset quality for their deals. But questions remain, according to panelists here at the MISMO Fall Summit–and ongoing work under the auspices of MISMO is poised to help provide much-needed data standardization.“We think about what the PLS market could be–the full potential of a sustainable PLS market,” said Dan Fichtler, Associate Vice President of Housing Finance Policy with the Mortgage Bankers Association. “Who could we be serving in a responsible manner who isn’t being served well today? What is needed, to move from the current state to more efficient non-agency deals? Can we provide trust in ways that makes PLS more competitive? Are there lessons to be learned from the agency [Fannie Mae/Freddie Mac/Ginnie Mae] model?”
MISMO®, the real estate finance industry’s standards organization, announced a collaboration to develop the MISMO e-Eligibility Service, Powered by Snapdocs (the e-Eligibility Service). The online service will be developed in partnership with Snapdocs, Inc., a leading digital closing platform for the mortgage industry.This resource will enable mortgage industry participants to better understand how digital a mortgage transaction can be. It will help lenders easily determine the right type of digital mortgage closing for each loan by quickly assessing the different factors that impact its e-Eligibility, or its ability to be digitized.
MISMO has released a new standardized dataset meant to improve the quality and consistency of mortgage asset data sent to the rating agencies and is seeking public comment.Known as the private label securitization (PLS) standard, this new dataset should lead to improved due diligence for private label residential mortgage-backed securities, MISMO said.“If market participants are going to truly capitalize on the increased volume of loans for which PLS may be the best execution in the secondary market due to GSE policy changes and home price appreciation – particularly for the second home, investor property, and jumbo mortgages – then they need the increased capacity and efficiency that comes from data standardization,” MISMO President Seth Appleton said in a release.
MISMO Issues Call for Participants for New Workgroup Focused on Creating Business Reference Architecture
MISMO®, the real estate finance industry's standards organization, today announced it is seeking participants for a new development workgroup (DWG) focused on the creation of a Business Reference Architecture.The DWG is focused on creating a "starter kit" that will enable industry professionals to quickly implement MISMO standards according to their business needs. The kit will include multiple components, such as recommendations, best practices and design, supporting faster and more streamlined implementations that enable industry to gain efficiencies and business benefits with speedier adoption.
MISMO®, the real estate finance industry's standards organization, today announced it is seeking public comment on its new standardized dataset which facilitates the electronic exchange of mortgage asset data to credit rating agencies. The 90 day public comment period for the dataset runs through November 5, 2021.