The Mortgage Industry Standards Maintenance Organization (MISMO) on Thursday announced it is seeking public comment on its new servicing transfer catalog.
MSIMO said the catalog will:
- Assist transferees in complying with the ever-changing regulatory environment;
- Support the timely and accurate transfer of residential loan information;
- Facilitate uninterrupted loan servicing; and \
- Provide guidance for reducing potential negative effects to both the borrower and the new transferee servicer as a result of the transfer.
The 60-day comment period runs through May 30.
The new MISMO Servicing Transfer Catalog (MSTC) was created by the MISMO Servicing Transfers Development Workgroup and contains industry-standard templates for the minimum set of instructional and transactional documentation required when conducting a servicer-to-servicer transfer of a portfolio of residential mortgage loans, MISMO said.
The MSTC includes templates and best practices for servicing transfer instructions, portfolio characteristics, image transfer schedules, required reporting, reconciliation, and more, it said.
The accompanying MSTC implementation guide is designed to assist the new servicer with high-level information on how to implement the catalog into its production environment and maintain it going forward, MISMO said.
“Most servicers will attest that focusing on critical requirements, ongoing communication, information mapping, identifying priority loan characteristics and business processes, and the testing, validation, and reconciliation of information being transferred, is key to success when conducting a servicer-to-servicer loan transfer,” said Jan Davis, MISMO’s acting president. “The MISMO Servicing Transfer Catalog is essentially a playbook that servicers can use to facilitate those processes.”
The public comment period allows at least 60 days' notice before the final release to review and disclose any applicable patent rights (as defined by MISMO's 2018 Intellectual Property Rights Policy). Disclosures and comments should be directed to [email protected].
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 at this time in writing. All comments and disclosures are due by May 30, 2023, and should be directed to [email protected].
