MISMO has announced that its Mortgage Compliance Dataset (MCD) specification has reached “Candidate Recommendation” status, meaning the MCD has gone through an extensive review from different organizations and industry participants and is now available for use.
The MCD is intended for state and federal regulators, as well as compliance vendors, to conduct testing of closed loans during mortgage origination exams. Mortgage lenders, with their compliance vendors, will also use the MCD to test compliance throughout the loan origination and post-closing processes.
“The new dataset introduces consistency to the exchange of information used by state and federal regulators for loan portfolio review examinations,” said Richard Hill, acting MISMO president. “The MCD will ultimately reduce friction, increase accuracy, and create a more efficient process for our stakeholders involved in the oversight and regulatory process.”
Source: mpamag.com