The Mortgage Industry Standards Maintenance Organization (MISMO) announced plans this week to update commercial appraisal data standards.
MISMO officials said they are working to collaborate with other industry participants as a means of addressing guidelines that have not been updated in more than 10 years.
The overarching goal is to integrate advancements made in the real estate industry and appraisal processes. Any stakeholder involved in the exchange and finance of commercial property is welcome to participate.
“It’s a perfect time to leverage our success at creating commercial rent roll standards to update commercial appraisal datasets, which will enable lenders and commercial property owners to stay compliant and exchange commercial data more efficiently” said Rick Hill, executive vice president of MISMO and vice president of Industry Technology at the Mortgage Bankers Association.
The Commercial MISMO (CMISMO) workgroup recently led an industry collaboration to create new standards for the exchange of commercial rent roll data, resulting in the first conventional method for defining and exchanging critical information that is required on all commercial loan originations.
The new standards are expected to reduce errors, officials said, and save commercial loan originators, lenders and service providers valuable time and costs.
CMISMO’s responsibilities will also include reviewing existing appraisal data standards and soliciting input from industry participants, per officials, adding based on the review, CMISMO will update MISMO’s Commercial Reference Model and logical data dictionary (LDD); document use cases to enable ease of use; and develop sample XML files reflecting changes to appraisal related data definitions and formats.