MISMO has announced it is seeking public comment on a new guide and sample credit response designed to help industry professionals using MISMO Reference Models v3.4 and v3.5 better report on loans that have been in or are in forbearance.
With the increase in account forbearances following the passage of the CARES Act of 2020, MISMO has sought to standardize a system for reporting and exchanging this forbearance data. This proposed guide was designed to cover how to extend the MISMO credit reporting standard to include additional information on credit liabilities that are in or have been in forbearance more accurately. The guide also seeks to eliminate the guesswork required to interpret free-form comments.
“This reporting guide enables parties to exchange forbearance information more securely, efficiently and economically in the context of credit reporting data,” MISMO President Seth Appleton said. “As part of MISMO's mission to deliver value to the industry, this guide also shares important advice on the use of these data standards so that servicers can deliver the best possible customer experience.”
This comment period also allows those who participated on the proposals at least 30 days’ notice prior to final release to review and disclose any applicable patent rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).
The 30-day comment period runs through March 15, 2022.