MISMO, the real estate finance industry standards organization, is seeking public comment on a standardized template to facilitate the bidding process for Mortgage-Backed Securities (MBS) between mortgage originators and dealers for Bids Wanted in Competition (BWIC).
More mortgage originators are choosing MBS execution than ever before and are distributing BWICs, a formal request for bids on a package of securities, to securities dealer desks. Currently, the information transmitted to dealers is not standardized, and as a result, dealers are challenged to keep up with the increased volume of BWICs, which can lead to delays, lower pricing, and less participation in the BWIC than desired.
In late 2021, industry participants came together to collaborate through MISMO to develop a standardized BWIC template formatted in Excel that would allow MBS sellers to consistently present BWIC data to dealer desks in an effort to facilitate increased accuracy, liquidity and rapid pricing by the dealers for the BWIC lists.
This public comment period allows those who participated on the proposals 60 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).
MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures are due by October 24, 2022, and should be directed to [email protected].
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