MBA Revitalizes MISMO Government Forum in Effort to Improve Industry Data Standards

The Mortgage Bankers Association (MBA)
announced Wednesday it has revitalized its MISMO Government Forum.  The group met last Friday as part of MISMO’s
Fall 2012 Educational Summit and Workshop to discuss broader adoption of MISMO
data standards
.  MISMO
is a not-for-profit subsidiary of MBA and is the premier technology standards
development body for the mortgage industry. MBA views the Government
Forum as a means to better share and exchange
information between regulators, other government agencies and the mortgage
industry about the benefits of broader adoption of these standards.

Rick
Hill, MISMO’s Executive Vice President and MBA Associate Vice President for
Industry Technology said “The Dodd-Frank Act’s long list of new rules and
regulations includes multiple new reporting requirements. Utilizing MISMO data
standards for this reporting will lower costs of compliance and improve data quality
for all parties involved.” 

Hill
added, “This Forum encourages agencies that participate in the industry,
regulate the industry and/or provide data to the industry to share information
and ideas regarding the most effective and efficient means of collecting and
exchanging data. Furthermore, mortgage companies and service providers can
influence the approaches these agencies may adopt by participating in the data
standards setting process, thereby reducing the costs of complying with
reporting requirements that might otherwise not be MISMO compliant.”

The next
meeting of the MISMO Government Forum is planned for October 2012.  

Article source: http://www.mortgagenewsdaily.com/09262012_reporting_standards.asp

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