MISMO Issues Reporting Guide to Facilitate the Exchange of Forbearance Data
Guide enables parties to exchange credit-related data more securely, efficiently and economically so that servicers can deliver the best possible customer experience
MISMO®, the real estate finance industry's standards organization, today announced the launch of a new guide and sample credit response designed to help industry professionals using MISMO Reference Models v3.4 and v3.5 better report on loans that have been in or are in forbearance.
The Forbearance Reporting Guide and Sample Response assist implementors with how to standardize forbearance indicator data from the national credit repositories. The guide also instructs on how best to extend the MISMO credit reporting standard to include additional information on credit liabilities that are in or have been in forbearance more accurately and eliminates the guesswork involved in interpreting free form comments.
In addition, the guide and sample response cover how to extend the MISMO XML standard to include additional information on credit liabilities that are in or have been in forbearance. Examples with sample XML credit data are provided throughout the guide, along with detailed explanations.
“This reporting guide enables parties to exchange forbearance information more securely and economically in the context of credit reporting data,” said Seth Appleton, President, MISMO. “MISMO is dedicated to helping our industry collaborate and communicate as efficiently as possible and this guide shares important advice on the use of these data standards so that servicers can deliver the best possible customer experience.”
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here.