The Case for Uniform Mortgage Servicing Data Standards
In this brief, the fourth in a series prepared by HFPC researchers with support from the mortgage servicing collaborative, the authors discuss the benefits that would accrue to consumers and servicers if uniform data standards were adopted for exchanging mortgage servicing data. Standardization will increase data accuracy, lower the risk of data errors and the potential for consumer harm during servicing transfers, as well as help offset skyrocketing servicing costs. Standard data would also lay the foundation for game-changing innovations down the road. The authors view servicing data standards as a long term investment and urge all stakeholders to resume working towards it. Read More Here.