MISMO Seeks Public Comment on Bids Wanted in Competition Dataset

WASHINGTON, D.C. (November 3, 2022) - MISMO®, the real estate finance industry's standards organization, today announced that it is seeking public comment on a new Bids Wanted in Competition (BWIC) dataset, which allows mortgage originators and dealers to automate the bidding process for mortgage-backed-securities (MBS).

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 public comment period allows those who participated in the proposals at least 60 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).   

MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures are due by January 2,2022, and should be directed to [email protected]. 

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For more information about MISMO and how to join, visit mismo.org.