Brian Vieaux, president of MISMO, said the dataset aims to make it easier for aspiring homeowners to succeed by creating a standard shared language that can be used between counselors, lenders and the broader mortgage ecosystem.
“Demand [for mortgages] remains highly rate-sensitive despite increased [housing] inventory,” according to Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
Didi Parks, vice president of national accounts at Incenter Diligence Solutions, a third-party review firm, said it’s important that originators offering a new product ensure their staff is well trained, because if not all underwriting requirements are met, the originator could take pricing hits or might not be able to sell the loans at all.