MISMO®, the mortgage industry’s standards organization, released new proposed data standards for commercial property appraisals. The new dataset will facilitate the efficient exchange of appraisal information across the commercial real estate finance industry. It was developed by commercial real estate and technology professionals over the last 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 at the Mortgage Bankers Association (MBA). “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.”
“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.
Source: Mortgage Bankers Association
