The Mortgage Industry Standards Maintenance Organization (MISMO) recently said it is seeking public comment on its Commercial Appraisal Dataset. The comment period, which ends on March 26, 2021, is intended to enable the public time to review and comment on recent dataset updates completed in response to feedback received during the initial comment period, according to an announcement from the Mortgage Bankers Association (MBA).
“The MISMO Commercial Appraisal Dataset will facilitate the efficient exchange of commercial real estate appraisal information, critical for underwriting and loss mitigation, between multiple industry participants. The new dataset was developed from a collaborative effort of commercial real estate and technology professionals. Following the earlier comment period, the dataset was updated to include new building-level data points, additions for non-multifamily property types and parties as well as refinements to various definitions and enumerations,” the MBA stated.
MISMO announced a 30-day public comment period ending on March 26 for recent enhancements to the Commercial Appraisal Dataset. The commend period is intended to enable the public time to review and comment on recent dataset updates completed in response to feedback received during the initial comment period.
The Commercial MISMO workgroup brought together stakeholders to create a better experience for conducting and exchanging appraisal information for multifamily and commercial properties. The workgroup released the stand-alone Commercial Appraisal Dataset specification along with several additional resources to facilitate ease of use and adoption including an implementation guide; logical reference structure; logical data dictionary (LDD); documented use cases in Excel; as well as sample XML files for each use case, the MBA announcement said.
Note that legacy MISMO commercial specifications will be updated to include new and modified data points, enumerations and structures associated with the new Commercial Appraisal Dataset at a future date.
“At this time, MISMO also requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, disclose at this time in writing,” the MBA stated. “The Commercial Appraisal Dataset and related documents are provided for the purpose of providing an opportunity for comment on the product, as well as to afford an opportunity to disclose any applicable patent rights or other intellectual property rights. Any other use of this product, including implementation, is prohibited at this time.”
Disclosures and comments should be directed to info@mismo.org.