eHELOC Development Workgroup (DWG)
A number of factors have driven interest in creating a dataset and SMART DOC ® V3 Specification for an electronic Home Equity Line of Credit (HELOC) agreement, including:
- High home equity for homeowners has resulted in an increased interest in HELOCs as a way to access funds. As the Federal Reserve continues its plans to slow inflation, rates are expected to remain high.
- eHELOCs are not "negotiable instruments," with limitations to agreement text from investors. HELOC agreements contain substantive terms that vary by lender making interoperability a challenge.
- The terms of the eHELOC credit agreement and the open-end security instrument vary from the standardized closed-end note and mortgage as there's no primary investor/liquidity provider with broadly used form model documents.
- These factors allow this MISMO workgroup the ability to step in and to innovate and standardize the HELOC agreement. Their efforts will allow for increased interoperability of HELOCs – easing the onboarding process and creating a path where this asset class could possibly be sold/transferred between parties.
How to Join
Anyone may participate in a MISMO development workgroup or community of practice regardless of membership status. Voting members of Information Management and Architecture Workgroup are elected as per governance procedures. Membership in MISMO is open to anyone - mortgage lenders, banks, credit unions, servicers, vendors, government agencies and more. MISMO members receive a voice, and vote, in creating and enhancing industry standards used by the entire industry. Learn more here.
Leadership
Charlie Epperson, Stavvy, Co-Chair
Erica Sands, Sagent, Co-Chair
Facilitator
Meghan Tidgewell, MISMO
[email protected]
Meeting Schedule
Meets the 2nd and 4th Thursday of each month from 12-1pm EST.
Meeting URL: https://mba-org.zoom.us/j/89724557553