BWIC Template and Mapping Specification
The Bids Wanted in Competition (BWIC) template and mapping specification are in Candidate Recommendation Status which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
Mortgage originators are increasingly utilizing MBS execution and are distributing BWICs, a formal request for bids on a package of securities, to securities dealers. However, the information transmitted to dealers is not currently standardized. As a result, dealers are struggling to keep up with the increased volume of BWICs, which often leads to delays, lower pricing, and lower rates of participation in the BWIC process.
Standardizing this data, based on the MISMO BWIC template, will allow industry professionals to accelerate and enhance the accuracy of their trade execution through automation – ultimately increasing the number of BWICs processed.
The BWIC Data DWG has worked to create a standardized template to facilitate the bidding process for Mortgage-Backed Securities (MBS) between mortgage originators and dealers for Bids wanted in Competition (BWIC).
In late 2021 Industry participants came together to form a MISMO BWIC Development Work Group (DWG) to develop a homogenous/standardized format in excel, that MBS sellers could present BWIC data to dealer desks to facilitate accuracy, liquidity and rapid pricing by the dealers for the BWIC lists.
What It Includes
- Standard Template (For Use)
- Standard Template (Example)
- Mapping Specification
- BWIC SPEC Type Criteria
Access Information for Members
Access Information for Non-Members
Non-MISMO members can access the work product here.