July 28, 2020
In the works for two years, proposed new data standards for commercial property appraisals have been issued by MISMO, the mortgage industry’s standards organization, which began a 60-day public comment period. The new dataset is designed to facilitate the efficient exchange of appraisal information across the commercial real estate finance industry.
“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 SVP of research and industry technology at the Mortgage Bankers Association (MBA).
Fratantoni’s MBA colleague, SVP of commercial/multifamily policy Mike Flood, said, “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.”
Monday’s release includes the standalone Commercial Appraisal Dataset specification and additional resources to facilitate ease of use and adoption.
For comments, questions or concerns, please contact Paul Bubny