Freddie Mac UMSD Status Update
On December 11, Freddie Mac released a status update to Uniform Mortgage Servicing Dataset.
Uniform Mortgage Servicing Dataset – Status Update
At the end of 2012, Freddie Mac and Fannie Mae (the GSEs) communicated that, at the direction of our regulator, the Federal Housing Finance Agency (FHFA), we are working together to develop industry-wide servicing data standards called the Uniform Mortgage Servicing Dataset (UMSD). The UMSD, which is a component of the Uniform Mortgage Data Program®, will define a standard dataset that will facilitate data exchanges between servicers and investors with standard definitions, formats, and valid data values.
We listened to your input about the UMSD implementation and understand the numerous priorities you’re currently addressing. Due to these priorities, the GSEs will not publish a UMSD Phase 1 specification in 2013. As a result, servicers, vendors, and other industry participants do not need to take specific steps to prepare for the UMSD at this time.
We’ll provide more information about UMSD in 2014.
Our Progress to Date
We have made significant progress developing a comprehensive list of data points to include in a future UMSD specification. The dataset encompasses the information that flows between servicers and investors throughout the servicing life cycle.
We began by assessing the current servicing data, as well as data the GSEs want to collect in the future. Based on that work, we created a preliminary servicing dataset containing over 800 data points grouped into common servicing business functions including Performing Loans, Default Management & Reporting, and Loss Mitigation.
We then contacted a number of servicers, vendors, mortgage insurers, government agencies, and other industry participants, to solicit feedback on the draft servicing dataset. By working with a large cross-section of the industry, we heard from a variety of industry experts who represent national and regional industry participants with varying business models. The input we received was invaluable. It helped us revise and refine the draft servicing dataset, as well as define the focus for our implementation efforts. Both GSEs are grateful to the servicers, vendors, and others who provided informative feedback.
The Mortgage Industry Standards Maintenance Organization’s. (MISMO) Reference Model 3.2 served as the basis for the development of UMSD. The GSEs are working with MISMO to review and update the industry standards, taking into account current and future industry needs.
Please click here to view the online update.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.