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MISMO® Seeks Input on Standardized Dataset for Private Label Mortgage Assets

Collaborative effort expected to help rating agencies grade mortgage securities more accurately, improving efficiency and consistency in RMBS market

WASHINGTON, D.C. (October 11, 2018) - MISMO, the mortgage industry's standards organization, is seeking participants to define a standardized mortgage asset dataset to support rating agency asset valuation efforts necessary for securitizing residential mortgages. Those interested in collaborating with MISMO are invited to join MISMO’s new Private Label RMBS Valuation Workgroup, which will be responsible for defining and implementing a standard dataset and related materials for use in grading publicly-traded private label mortgage-backed securities.

“A confluence of factors has contributed to significant changes in the RMBS market over the past decade. However, data standards for grading mortgage securities have not evolved uniformly over this period, creating inefficiencies and confusion in the market,” said Michael Franco, Chief Executive Officer of American Mortgage Consultants, Inc., a MISMO Strategic Planning Committee Member and provider of mortgage due diligence and consulting services. “This important initiative serves to further advance the industry by bringing participants together to create a well-defined and consistent dataset that aligns private label and non-private label securitization data exchanges. We believe these alignment efforts will create greater efficiencies for originators and aggregators that will benefit the overall housing economy.”

To help investors evaluate the quality of mortgage assets, rating agencies assign risk grades to loans based on the exceptions and conditions uncovered after closing by third party review firms. Currently, mortgage asset data is delivered to rating agencies in an older format required by all rating agencies. The current format is out of date and no longer maintained leading to supplemental data requirements that vary in format in content between rating agencies and third-party review firms.

By creating an up to date, well defined standardized mortgage asset dataset, MISMO will help enable rating agencies to grade mortgage assets more precisely and produce a smoother, more efficient securitization process.

By joining the MISMO Private Label RMBS Valuation Workgroup, participants will be able to access resources and expertise on implementing newly created standards for grading mortgage assets.

Specifically, the Private Label RMBS Valuation Workgroup will be responsible for:

  • Documenting the data requirements associated with the rating agency RMBS mortgage asset valuation requirements;
  • Identifying and solving any gaps between MISMO standards and existing standards used by the rating agencies; and
  • Finalizing and publishing MISMO standards for rating agency RMBS reporting requirements

Those interested in participating in this collaborative, industry-wide effort should send an email titled "Join MISMO PLS RMBS Group" to info@mismo.org by October 31, 2018. More information on this industry-wide effort is available here.

About MISMO
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association (“MBA”). For more information, visit www.mismo.org.

About MBA
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets, to expand homeownership, and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,300 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies, and others in the mortgage lending field. For additional information, visit MBA's Web site: www.mba.org.

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Please visit www.amcfirst.com for additional details or contact Head of Sales and Marketing Tom Britt at tombritt@amcfirst.com.


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