MISMO Launches Updated Commercial Appraisal Dataset Standard
The dataset and accompanying package of resources helps facilitate the efficient exchange of appraisal information across the commercial real estate finance industry. The dataset standard has achieved “Candidate Recommendation” status, which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
“This updated Commercial Appraisal Dataset features expanded commercial use cases to provide increased functionality, with added retail, industrial, and office related data points, thus expanding its usefulness and effectiveness” said Seth Appleton, president of MISMO. “These additions expand the data collected for multifamily properties, which furthers the ability for commercial appraisers to fully utilize the standard and realize efficiency gains.”
Two important benefits of the standard are that it helps facilitate the efficient exchange of commercial appraisal information, critical for underwriting and loss mitigation, between multiple industry participants. It also enables the commercial industry to exchange appraisal information for more commercial properties.
The package includes the stand-alone Commercial Appraisal specification along with several additional resources to facilitate ease of use and adoption including an implementation guide, logical data dictionary (LDD) and reference model schema.
MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee.
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