MISMO has announced that a new set of proposed data standards for commercial property appraisals is now open for a 60-day public comment period.
Developed by commercial real estate (CRE) and technology professionals over the past two years, the newly released dataset will facilitate the exchange of appraisal information for commercial properties.
"MISMO's new proposed commercial appraisal standards improve communication between lenders and commercial property owners through exchanging commercial data more efficiently," MISMO President Mike Fratantoni said. "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 standards include a stand-alone commercial appraisal dataset specification along with other resources that facilitate ease of use and adoption, such as an implementation guide, logical reference structure, logical data dictionary, documented uses cases in Excel, and sample XML files for each use case.
The organization noted that the legacy MISMO commercial specifications would 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, senior vice president of commercial/multifamily policy and member engagement at MBA.
Comments and disclosures of any applicable patent rights should be sent to [email protected]