The Mortgage Industry Standards Maintenance Organization (MISMO), the real estate finance industry’s standards organization, is currently seeking public comment on the latest version of the MISMO Servicing Transfer Catalog (MSTC), according to an announcement on Thursday.
According to MISMO, the catalog, which was created through the collaboration of the MISMO Servicing Transfers Development Workgroup, will support the “timely and accurate transfer of residential loan information,” facilitate “uninterrupted loan servicing,” and “work to reduce negative effects to both the borrower and the new transferee servicer.”
“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, acting president of MISMO. “The MISMO Servicing Transfer Catalog is essentially a playbook that servicers can use to facilitate those processes.”
There are a number of templates and best practices included in the new MSTC, according to MISMO, such as instructions for servicing transfers, schedules for image transfers, portfolio characteristics, required reporting, and reconciliation.
The catalog also includes templates for the minimum set of transactional and instructional documentation required as part of servicer-to-servicer residential mortgage loan portfolio transfers, according to the organization.
In addition, the implementation guide included in the catalog offers “high-level” information on how to implement and maintain the MSTC into new servicers’ production processes, the organization said.
The public comment period on the MSTC will run for 60 days, with a deadline of May 30. MISMO is requesting organizations “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 during this 60-day period.
Public comments and disclosures should be submitted to [email protected].