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Uniform Mortgage Servicing Dataset Overview

At the direction of our regulator, the Federal Housing Finance Agency (FHFA), Freddie Mac and Fannie Mae (the GSEs) are working together to develop industry-wide servicing data standards, called the Uniform Mortgage Servicing Dataset (UMSD). The UMSD, which is a component of the Uniform Mortgage Data Program® (UMDP®), will define a standard dataset that will facilitate data exchanges between servicers and investors with standardized definitions, formats, and valid data values.

The adoption of an industry standard data model will provide long-term benefits to servicers, GSEs, and the mortgage industry. Some of these benefits include:

  • Enhanced data quality and consistency
  • Improved operational efficiency
  • Enhanced disclosure for investors and regulators
  • Clear and consistent data definitions, reducing miscommunication between stakeholders by decreasing the use of codes and derived fields

Background

Development of the UMSD is a natural next step as the GSEs build on the success of the UMDP. The UMDP has already provided industry and housing market benefits by standardizing mortgage delivery data through the Uniform Loan Delivery Dataset and appraisal data through the Uniform Appraisal Dataset. The UMSD will build upon that success by extending the benefits of standardization to servicing data to enhance consistency, and strengthen risk management. Similar to other UMDP initiatives, the UMSD will rely on the Mortgage Industry Standards Maintenance Organization (MISMO®) servicing data standards that are already well-established in the industry.

A Phased Approach

Because the UMSD encompasses a large dataset, we plan to implement the data collection in phases over several years. The GSEs will work closely with servicers and other key stakeholders throughout the process to understand data collection challenges, and adoptability.

Moving from the industry’s current practice of using different proprietary servicing data files to a standard dataset based on a common XML file structure will be a significant and long-term project. The phased implementation approach will help industry participants plan for the investment in resources and technology required to migrate to the newer MISMO XML file format and collect and control additional new data fields.

Our Progress to Date

The GSEs have made significant progress developing a comprehensive list of data points to include in a future UMSD specification. We began by assessing the current servicing data, as well as data the GSEs want to collect in the future. Based on that work, we created a preliminary servicing dataset containing over 800 data points grouped into common servicing business functions including Performing Loans, Default Management & Reporting, and Loss Mitigation.

We then contacted a number of servicers, vendors, mortgage insurers, government agencies, and other industry participants, to solicit feedback on the draft servicing dataset. By working with a representative cross-section of the industry, we heard from a variety of industry experts who represent national and regional industry participants with varying business models.

Industry Input and Timing

Based on the input we received from the industry and the numerous priorities that Servicers are currently addressing, the GSEs will not publish a UMSD Phase 1 specification in 2013. As a result, servicers, vendors, and other industry participants do not need to take specific steps to prepare for the UMSD at this time.

More information will be available in 2014.

More Information

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