MBA Preparing for Industry Wide Test - Spring 1999 : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Greetings - Back to that mortgage banking world one more time. The Mortgage Bankers Association is planning an Industry Wide Y2K Test in the Spring of 1999 (Feb thru June). FNMA & FHLMC have already mandated their servicers participate in this test. We expect GNMA, SONYMA and the other GSE's to do the same in the near future. Credit Bureau's, taxing authorities, insurance companies, property inspections, lockbox payments (those are the automatic ones), ACH's (drafting paymnts), and many, many BANKS are participating in this test. All executed in a future-dated infrastructure. Should prove to be very interesting at the least. Glad I ain't laying the plans down! This has to be somewhat encouraging to the group. A major part of our financial industry is planning for one of the largest testing scenarios of all time. I'm thinking that MOST of these institutions will make damn sure their systems are up to speed because of all the exposure in this type environment. You're pretty much on stage to prove your stuff works in front of the whole industry. Gonna be do or die for some. I found this to be good news, hopefully yall will too.


-- deano (, December 03, 1998


Sounds good to me. Guess we will just have to wait and see how the testing turns out.

Seems pretty much right on with my prediction of a few months ago that we would start seeing a lot of 'Y2K compliant' flags running up early next year.

-- Paul Davis (, December 03, 1998.

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