MISMO, the real estate finance industry's standards organization, is seeking public comment on a new guide and sample credit response designed to help industry professionals using its Reference Models v3.4 and v3.5 to better report on loans that have been in or are in forbearance.
MISMO said the guide and sample response facilitates standardized visibility into accounts, not limited to mortgages, that have been in or are currently in forbearance pursuant to the CARES Act of 2020. The Forbearance Reporting Guide will assist implementers with how to standardize forbearance indicator data from the national credit repositories.
MISMO said the guide covers how to extend its credit-reporting standard to more accurately include additional information on credit liabilities that are in or have been in forbearance, and eliminates the guesswork involved in interpreting free-form comments.
"This reporting guide enables parties to exchange forbearance information more securely, efficiently, and economically in the context of credit reporting data," said Seth Appleton, MISMO president. "As part of MISMO's mission to deliver value to the industry, this guide also shares important advice on the use of these data standards so that servicers can deliver the best possible customer experience."
The comment period also allows those who participated on the proposals at least 30 days' notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). The 30-day comment period runs through March 15, 2022.
MISMO requests that any non-participant 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 should be directed to [email protected].
More information on the credit-reporting forbearance guide can be found at www.mismo.org.
