MISMO, the real estate finance industry's standards organization, recently announced that it is seeking comments on its new Appraisal Procurement Dataset specification. The 30-day comment period for this implementation guide runs through March 27, according to a release.

The MISMO Appraisal Procurement specification provides the industry with a common framework for exchanging transactional appraisal order information using the new terminology being introduced this year as a part of the Federal Housing Finance Agency (FHFA) Uniform Mortgage Data Program (UMPD) and Uniform Appraisal Dataset (UAD).

This removes the reliance on the Fannie Mae and Freddie Mac appraisal form numbers, which are retired with UAD 3.6 and the consolidated Uniform Residential Appraisal Report (URAR).

“The creation of this procurement specification brings an immediate opportunity for the industry to leverage the MISMO vocabulary used in the new UAD in their respective order processes,” Elizabeth Green, chair of the MISMO Property and Valuation Services Community and head of Candescent Capitol Ventures, said in the release. "It also gives stakeholders the opportunity to improve automation as the industry moves to fully digitize the entire appraisal process.”

The comment period allows those who participated in the proposal at least 60-days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).