MISMO, the mortgage industry standards organization, has invited the industry to participate in an effort to enhance its residential appraisal data standards. This effort will evaluate new types of property information that may be useful, according to a story from MBA NewsLink.
“The GSEs Uniform Appraisal Dataset and Forms Redesign initiative is expected to use the resulting update to these standards,” MISMO said. “Increasing digitalization of the industry is resulting in availability of increased amounts of information on properties. To properly use these stores of new information, standards are necessary. A significant update to the MISMO property standards is a possible result of this effort.”
The GSEs’ UAD and Forms Redesign Initiative include replacing existing GSE appraisal forms with new forms designed to support a greater range of property information. It also includes the GSEs updating the existing UAD to better support current industry needs and provide a more flexible, dynamic structure for appraisal reporting.
A new UAD, MISMO said, is needed because current GSE appraisal forms only support single-family and condominium properties and do not accommodate new types of property information collected by new technologies.
“Fannie Mae and Freddie Mac are currently working together to update the UAD requirements to support all property types. Updated appraisal forms and a revised UAD that use the updated MISMO standards are expected outputs of the GSE UAD and Forms Redesign Initiative,” MISMO said.
MISMO’s new Residential Appraisal Data Development Workgroup will be responsible for creating an enhanced version of MISMO standards. This might include addition of new data elements and/or structural changes to the MISMO model. Appraisers, appraisal management firms, organizations involved in developing appraisal related software and those involved in the collection, exchange or analysis of appraisal data are encouraged to participate in the effort, MISMO said.
Mortgage industry participants do not have to be MISMO members to participate, but only MISMO members will be able to vote on the new standards. The first meeting of the new Residential Appraisal DWG will be at the MISMO 2020 Winter Summit in Las Vegas from Jan. 13-17.