MIMSO has launched a new initiative to make servicing transfers more efficient and consistent.

The mortgage industry’s standards organization is looking for industry participants willing to collaborate on creating a uniform standard for servicing transfers. MISMO’s Servicing Transfers Development Work Group (DWG) will be identifying and prioritizing challenges associated with servicing transfers.

The main goal of the group is to create standards and best practices that enhance the experience of both servicers and borrowers.

“Given the challenges of the current environment, developing a standardized dataset to facilitate more efficient servicing transfers is very important. MISMO is calling for servicing leaders to join us in this effort to develop solutions that will improve the transfer process,” said Mike Fratantoni, president of MISMO.

In the first phase of the initiative, servicing industry professionals joining DWG will determine current challenges that exist in the servicer transfer process, sort the findings, and build a high-level roadmap for developing solutions.

The phase one workgroup activities will lead to a planned workshop to be scheduled for early September, and subsequent phases will be dedicated to the execution of prioritized roadmap activities.

“Servicing transfers are not standardized across the industry, resulting in excess costs and data quality issues,” said Sandra Thompson, deputy director of the Federal Housing Finance Agency Division of Housing Mission and Goals. “The development of a standard set of information will enable more efficient transfers.”

If you would like to participate in MISMO’s DWG, you should send an email titled “Participate in Servicing Transfers Initiative” to info@mismo.org.