It wants industry professionals to get involved
MISMO, the real estate finance industry’s standards organization, is calling for industry professionals to join a new development work group aimed at creating a servicing data standard for Federal Housing Agency (FHA) loans. The initiative, named the Federal Housing Agency Servicing Dataset workgroup, is powered by Sagent.
According to a Press release, a coalition comprising Federal Housing Agencies (VA, FHA, GNMA, & USDA) is collaborating with MISMO to establish a Federal Housing Agency Servicing Dataset. It will identify core data from the MISMO Reference Model to facilitate loan servicing for each Federal Housing Agency, enabling them to develop their individual dataset specifications.
“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.
Matt Tully, chief of staff at Sagent, expressed satisfaction in sponsoring the Federal Housing Agency Servicing Data Standard work effort.
“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,” he said.
Participation in the MISMO workgroup is open and free to both members and non-members, the news release said. Interested individuals, including existing MISMO members, can join the Federal Housing Agency Servicing Data Standard Development Workgroup (DWG) collaboration site on MISMO Connect. Those not yet members of MISMO can express their interest in participating by contacting [email protected].
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