WASHINGTON, D.C. (May 22, 2018) – (RealEstateRama) — Fresh off the success of creating new commercial rent roll standards, MISMO, the mortgage industry’s standards organization, is seeking industry participants to collaborate on a much-needed update to commercial appraisal data standards.
The Commercial MISMO (CMISMO) workgroup seeks to update MISMO’s commercial appraisal standards, which have not been updated in more than 10 years, 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 in the effort.
CMISMO recently led an industry collaboration to create new standards for the exchange of commercial rent roll data, resulting in the first common method for defining and exchanging critical information that is required on all commercial loan originations. The new standards are expected to reduce errors and save commercial loan originators, lenders, and service providers valuable time and costs.
“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 Industry Technology at the Mortgage Bankers Association.
“The Appraisal Institute welcomes advancements that position professional real estate appraisers to operate more efficiently and provide value added services to their clients,” said Appraisal Institute President James L. Murrett, MAI, SRA. “The process of identifying the data components of an appraisal report that may benefit from standardization – and those that may not – is best accomplished with direct communication between appraisers and end users and stakeholders. As the largest professional association of real estate appraisers, we look forward to participating in this meaningful discussion.”
CMISMO’s responsibilities will include reviewing existing appraisal data standards and soliciting input from industry participants. Based on this 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.
Individuals who would like to participate in this collaborative, industry-wide effort should send an email with the subject “Join MISMO’s Commercial Appraisal Group” to "> by June 8, 2018. More information on this industry-wide effort is available at mismo.org.
Rob Van Raaphorst
(202) 557- 2799