MISMO, the mortgage industry’s standards organization, recently released proposed data standards for commercial property appraisals. The new dataset will facilitate the efficient exchange of appraisal information across the commercial real estate finance industry. It was developed by commercial real estate and technology professionals over the last two years and is now available for a 60-day public comment period, beginning today.
MISMO brought together stakeholders starting in the spring of 2018 to create a better experience for conducting and exchanging appraisal information for commercial property. This release includes 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.