WASHINGTON, D.C. (February 15, 2024) –MISMO, the real estate finance industry's standards organization, today issued a call for industry professionals to join a new development work group focused on creating a servicing data standard for Federal Housing Agency loans. The Federal Housing Agency Servicing Dataset workgroup effort is powered by Sagent.
A coalition of Federal Housing Agencies (VA, FHA, GNMA & USDA) are working with MISMO to launch an accelerated effort to create a Federal Housing Agency Servicing Dataset that will identify the core data from the MISMO Reference Model to support servicing loans for each of the Federal Housing Agencies. This new data standard will enable the Federal Housing Agencies to develop their individual dataset specifications for servicing their loans.
“The Federal Housing Agencies recognize that data standardization is increasingly more important given that loan servicing is moving toward a fully digital model, and MISMO provides the industry-recognized forum for standards development,” said David Coleman, President of MISMO.
“Sharing of a servicing dataset across the Federal Housing Agencies will benefit servicers and servicing technology providers by reducing the cost and timeline to implement,” said John E. Bell III, Executive Director of the VA Home Loan Guaranty Program and Chair of the MISMO Government Forum. “This will enhance interoperability throughout the industry and provide an opportunity for practitioners to provide feedback that will reduce barriers to adoption.”
“Sagent is pleased to sponsor the Federal Housing Agency Servicing Data Standard work effort,” said Matt Tully, Chief of Staff at Sagent. “The creation of a servicing-focused data standard will help the Federal Housing Agencies to efficiently collect necessary servicing loan data to better serve borrowers in financial difficulty, enable data driven policy decisions, generate predictive analytics, and conduct oversight.”
MISMO workgroup participation is free and open to members and non-members. Individuals interested in joining this group who are already MISMO Members may join the Federal Housing Agency Servicing Data Standard Development Workgroup (DWG) collaboration site that has been established on MISMO Connect. Those not already members of MISMO who would like to participate should contact [email protected]. The group will hold regular meetings via video conference call, and a schedule will be posted to MISMO.org.
For information about MISMO’s Initiative Sponsorship Program, visit MISMO.org.
