We applaud the FHFA’s new initiative for GSEs to advance data standardization and uniformity for appraisals and other loan data, as reported today by National Mortgage News, including the mandated application of MISMO Version 3.0 standards. Looking forward to the delivery of the Uniform Loan Delivery Data Specification later in the year, we hope this signals an industry-wide epiphany that standardization both of data and processes is critical to the stability and effectiveness of the U.S. Residential lending economy.
[in National Mortgage News today] GSEs Advance Industry Standards
The Federal Housing Finance Agency has launched a major new initiative by Freddie Mac and Fannie Mae to improve the consistency and quality of data for appraisals and other loan information, said the government entity on its website, which has both GSEs mandating the use of MISMO Version 3.0 data standards. ”FHFA directed the enterprises to undertake the development of the standards to provide greater uniformity in the data they collect,” said FHFA acting director Edward DeMarco. “This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data. Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.” The GSEs have now gone forward to standardize mortgage lending using MISMO as the backbone of all loan delivery to both GSEs. Specifically, Freddie Mac and Fannie Mae have developed the Uniform Loan Delivery Data Specification, which defines the Uniform Loan Delivery Dataset and the common GSE approach to single-family loan delivery data requirements for all mortgages that will be delivered to either GSE on or after Sept. 1, 2011.
