MISMO Seeks Comment On Private Label RMBS Guide
The guide will facilitate the electronic exchange of mortgage asset data to credit rating agencies.
The Mortgage Industry Standards Maintenance Organization (MISMO) said Thursday it is seeking comment on the Private Label Residential Mortgage-Backed Securities (PL RMBS) Specification and Implementation Guide (iGuide).
The guide will facilitate the electronic exchange of mortgage asset data to credit rating agencies, MISMO said.
MISMO said the PL RMBS Specification provides a standard and defined set of data that can be used by the rating agencies to help determine the ratings applied to securitizations. The MISMO PL RMBS iGuide provides clarity in the data rating agencies receive, and outlines a roadmap to third-party reviewers (TPR) on how to make sure they are providing consistent data.
“MISMO seeks feedback on these work products that are designed to improve the quality and consistency of the data sent to the rating agencies, which will in turn lead to faster, more efficient, and more accurate due diligence for private-label residential mortgage-backed securities,” said Jan Davis, MISMO’s acting president.
The organization said the tools are designed for parties that support the submission of the current ASF and supplemental mapping specifications to the rating agencies. They will provide lenders, rating agencies, TPR, and technology-solution providers with the necessary information to update their systems with the revised data from the MISMO PL RMBS or flat file layout.
The public comment period allows those who participated in the proposals at least a 60-day notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). The 60-day period runs through May 1, 2023.
MISMO requests that any 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 in writing. All comments and disclosures should be directed to [email protected]
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee.