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Regulatory Compliance Examination File Development Workgroup (DWG)

This initiative is focused on defining the standard loan data fields and delivery format that Lenders must provide State Regulators for the loan portfolio review portion of state examinations.

Today the lending examination process is lengthy and costly for both Lenders and State Regulators.  Frustration continues to grow with delivery of the current Lending Examination File format, required by some State Regulators, when it contains incorrect or missing data, resulting in inaccurate test results. 

Standardizing the data and delivery file format will:

  • Reduce the time spent by Lenders preparing for and responding to exam requests
  • Improve compliance by enabling Lenders to use a consistent data set and format to evaluate and cure loans during loan origination and/ or prior to examinations
  • Reduce the occurrence of inaccurate examination test results
  • Create efficiency for Regulators by enabling the use of automated compliance testing technology

 The DWG's deliverables will include:  

  • Creation of a standard dataset and delivery file format for the Regulatory Compliance Exam File;  
  • Analysis of the existing Lending Examination format and various MISMO work products; and
  • Soliciting participation, input, and feedback from industry participants.  

How to Join

Anyone may participate in a MISMO development workgroup or community of practice regardless of membership status.  Voting members of Information Management and Architecture Workgroup are elected as per governance procedures.  Membership in MISMO is open to anyone - mortgage lenders, banks, credit unions, servicers, vendors, government agencies and more. MISMO members receive a voice, and vote, in creating and enhancing industry standards used by the entire industry.  Learn more here.

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Leadership

Sonya McCumber, ComplianceEase, a SitusAMC Company, Chair
Michael Jackman, Asurity, Vice-Chair 

Facilitator

Erin Bittenbender, MISMO
[email protected]

Meeting Schedule

Meets weekly on Thursdays from 3-4pm EST
Meeting URL: https://mba-org.zoom.us/j/88042907892