July 26, Monthly member briefing
As a way to keep MSC members informed, the Housing Finance Policy Center hosts a regular briefing on the fourth Thursday of each month. Twelve MSC members joined the July 26 briefing on MSC activities. HFPC provided an update on the Servicing 101 video initiative in which additional edits were collected and a new version of the script has been circulated to the subcommittee for final feedback. HFPC staff reports that the script is almost done and that we are very close to moving to production of the Servicing 101 videos. MSC members were updated on a July 24 meeting between HFPC and Ginnie Mae staff about the MSC’s work on government loan modifications in a rising rate environment. They also discussed the partial claim recast recommendation on VA loans. Overall, Ginnie Mae appreciated the importance of the issue and wants to continue to engage with the MSC on it. HFPC will be following up with Ginnie Mae for another meeting. At the June 19 MSC convening, a subcommittee was formed to look at challenges with pursuing data standardization which is the focus of work stream 4. We are still finalizing the framework for how we will approach data standardization and are considering quantifying the benefits of industry-adopted standards. We hope to have a finalized proposal before our next briefing in August with a draft product for review in September.