MISMO Releases Proposed Commercial Appraisal Data Standards
MISMO®, the mortgage industry standards organization, released new proposed data standards for commercial property appraisals. The new dataset will facilitate efficient exchange of appraisal information across the commercial real estate finance industry.
The new dataset was developed by commercial real estate and technology professionals over the past two years and is now available for a 60-day public comment period, beginning today.
“MISMO’s new proposed commercial appraisal standards improve communication between lenders and commercial property owners through exchanging commercial data more efficiently,” said Mike Fratantoni, President of MISMO and Chief Economist and Senior Vice President of Research and Industry Technology with the Mortgage Bankers Association. “We appreciate the expertise from members of the Commercial MISMO workgroup in developing these standards and encourage the industry to review the proposal and provide MISMO with feedback.”
The Commercial MISMO workgroup brought together stakeholders starting in spring 2018 to create a better experience for conducting and exchanging appraisal information for commercial property. This release includes the stand-alone Commercial Appraisal Dataset specification, along with several additional resources to facilitate ease of use and adoption including an implementation guide; logical reference structure; logical data dictionary (LDD); documented use cases in Excel; as well as sample XML files for each use case. Note that legacy MISMO commercial specifications will be updated to include new and modified data points, enumerations and structures associated with the new Commercial Appraisal Dataset at a future date.
“Effective and accurate exchanges of commercial appraisals are critical for underwriting and loss mitigation. The proposed standards will improve the process for the commercial real estate finance industry,” Mike Flood, MBA’s Senior Vice President of Commercial/Multifamily Policy and Member Engagement.
The public comment period is intended to afford workgroup participants who participated on the proposal notice prior to final release, in order to review the exchange and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). Disclosures and comments should also be directed to info@mismo.org.
Release and use of MISMO standards and other resources, including the commercial appraisal data standards, are governed by the MISMO Intellectual Property Rights Policy. For more information on the policy, click here.
Industry participants who have comments or questions about the commercial appraisal data standards can contact MISMO at info@mismo.org.
For more information about MISMO, visit www.mismo.org.
About MISMO
The Mortgage Industry Standards Maintenance Organization is the standards development organization for the residential and commercial finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. MISMO is managed by the Mortgage Bankers Association. For more information, visit www.mismo.org.
