Group will focus on developing reverse mortgage standards
MISMO, the real estate finance industry's standards organization, is urging mortgage professionals to take part in a new development workgroup (DWG) focused on reverse mortgages.
The organization said one of the key goals for this initiative is to provide holistic support for reverse mortgage programs for both new and existing MISMO subscribers. It also aims to standardize data in an industry-standard format that can be easily and consistently transferred between all parties involved in the reverse mortgage lifecycle, as well as expand the use of the MISMO guidelines to additional stakeholders.
"Given the current interest rate environment and demographic trends, there is potential for increased borrower demand for reverse mortgages and a subsequent need for standardization," said MISMO president David Coleman. "Developing and leveraging MISMO standards for the reverse mortgage industry will serve as an opportunity to mainstream programs, which at times can be seen as niche."
MISMO has started to recruit participants for the workgroup, which will initially focus on a "discovery phase" that will focus on analyzing and developing standards for reverse mortgages. The phase also involves establishing initial priorities and a preliminary plan for evaluating potential deliverables and existing MISMO products that could be enhanced to support reverse mortgages.
The reverse mortgage workgroup will conduct regular meetings via conference calls. Once the roadmap is complete, subsequent phases may be arranged to begin working on the identified priorities established by the DWG.
"Industry support is necessary to ensure that all relevant needs are considered and to confirm that key activities are identified, addressed, and incorporated into the reverse mortgage roadmap," Mismo said in its press release.
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