MISMO Looks to Standardize Data Used to Guide Borrower Outreach
Mortgage Bankers Association
Mortgage servicing operations currently rely on multiple sources of information to identify loans that may become delinquent. This information, which is used to guide borrower outreach, is not consistently defined across the industry. This creates inefficiencies in the process and may result in miscommunications. To address these issues, the new Workgroup may create one or more standardized datasets for the exchange of information.
"There is a need for a standard early warning system for servicers to rely on to identify potential borrower issues," said Russ Donnan, Chief Information Officer with Certified Credit. "We're calling on the industry to help play an instrumental role in improving the relationship between servicers, information service providers, and borrowers, while identifying ways to reduce costs and errors... Read More Here!