MISMO, the real estate finance industry’s standards organization, issued a call for industry professionals to join a new development workgroup (DWG) focused on creating an enhanced replacement for the existing EDI (Electronic Data Interchange) 260 Application for Mortgage Insurance Benefits.
The EDI 260 Application for Mortgage Insurance Benefits is a dataset that can be used by servicers to file claims with government agencies and private mortgage insurers in the event defaults or foreclosure activity allow for the collection of a third-party guarantee/insurance benefit.
“The existing specification is missing key information needed to process applications for mortgage insurance benefits. Identified changes will improve quality and streamline processing,” said David Coleman, President of MISMO.
Various custom formats have surfaced across the industry and the new Application for Mortgage Insurance Benefits DWG participants will aim to create a dataset specification to standardize, modernize, and maintain a replacement for the current format. The Application for Mortgage Insurance Benefits DWG will conduct regular meetings via conference call.
Individuals interested in participating in this group who are already MISMO members may join the collaboration site that has been established on MISMO connect. Those who are not members of MISMO who would like to participate should send an email to [email protected].
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