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Ginnie Mae adopts MISMO for loan data delivery

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Ginnie Mae joined Fannie Mae and Freddie Mac by adopting the Mortgage Industry Standards Maintenance Organization's Uniform Loan Delivery Dataset for moving mortgage information to the agencies, according to a memo from Ginnie sent Dec. 8. MISMO is a nonprofit subsidiary of the Mortgage Brokers Association that develops data transfer procedures. Ginnie guarantees the timely payment of principal and interest on federally insured loans to investors of mortgage-backed securities. In June, Fannie and Freddie published implementation guidance on loan data delivery requirements as part of an initiative to improve the quality of loans purchased from originators. With Ginnie joining that effort, all loans delivered to the government-sponsored enterprises must use the ULDD specifications effective Sept. 11, 2011. Data points are labeled either required, conditionally required (based on individual product or transaction parameters), or optional — items that will be implemented at a future date. "The mortgage finance industry supports the adoption of standards and common file formats, as they lead to higher quality data, less rework, and lower costs for all participants in the industry, including borrowers," according to the memo. Write to Jon Prior.

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