As a way to keep MSC members informed, the Housing Finance Policy Center hosts a regular briefing on the fourth Thursday of each month at 2pm ET. Fifteen MSC members joined the May 24 briefing on MSC activities. HFPC staff updated MSC members on the work of the Servicing 101 Script Subcommittee's which convened on May 16. An updated version of the script is being finalized and will be sent back out for final review. The hope is to move to animation of the Servicing 101 videos soon.
HFPC staff has engaged several members of the MSC to determine the focus of work stream 4. At the work stream kick off meeting on April 10, we did not reach agreement on the focus areas. For work stream 4, MSC members are considering three options to focus on:
- Option 1 -A big picture discussion on servicing alignment.
- Option 2 - Small tactical issues such as changes to documentation requirements for modification programs.
- Option 3 - Data standardization.
Out of the options, HFPC staff feels Data Standardization is a good area of focus for work stream 4. Feedback is being collected and the focus of the work stream will be determined shortly. In addition to discussions on work stream 4, MSC members heard an update from members engaged with industry trade associations on reviewing legislative language influenced by recommendations from the MSC's Government Loan Modification research paper. Members are engaged with Capitol Hill on the issue and are making progress toward final language.