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MISMO Servicing Default Workgroup - An Update

by Michael Echevarria
Echevarria & Associates, P.A. - USFN Member (FL)

The Mortgage Industry Standards Maintenance Organization (MISMO) Servicing Default Workgroup will convene again at the MBA/MISMO Technology Workgroup Meeting the week of January 24-27, 2005 in Denver.  The Servicing Default Workgroup will gather on Thursday, January 27, 2005.  We are currently working on a new referral transaction and are going to take up both the Status Update and Pay Off transactions. Information on these can be found at www.netdirector.biz/MISMO. 

In addition to the MISMO workgroup, the MBA is reconstituting the Default Standardization Workgroup.  Paul Baumgartner (from Washington Mutual) and I will be co-chairs of that workgroup. There will be an organizational meeting in January, with plans for a personal meeting at the MBA conference in Orlando in February 2005.  Denis Pierce of Pierce & Associates, P.C. (USFN Member, Illinois) has already been nominated as the USFN representative to this workgroup. 

We look forward to a meaningful discussion, engaging the servicers, investors, and other default industry participants on the importance and need for standardization.