MISMO’s Bids Wanted in Competition (BWIC) standard template is officially available for industry use after it was given “candidate recommendation” status. This designation means it has been thoroughly reviewed by a wide range of organizations and industry participants.
“The creation of this data standard will allow MBS sellers to consistently present BWIC data to dealer desks to facilitate increased accuracy, liquidity, and rapid pricing by the dealers for the BWIC lists,” MISMO President Seth Appleton said in a release. “Development of this tool is part of MISMO’s ongoing efforts to increase efficiency across the mortgage finance industry.”
The template is meant to standardize the information transmitted during the bidding process for mortgage-backed securities (MBS). Prior to its creation, the process for making formal requests for bids did not have a model for what information needed to be transmitted to dealers, resulting in delays, lower pricing, and lower participation.
MISMO members are able to access the work product in the resource library on the organization’s collaboration site. The template is offered as an excel spreadsheet and is color coded to assist users in determining what information should be included to receive the best possible market pay up.
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