Editor’s Note: MISMO Seeks Comment On New Appraisal Procurement Dataset Specification
MISMO is seeking comment on its new Appraisal Procurement Dataset Specification. The 30-day comment period for this implementation guide runs through March 27, 2025.
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) 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,” said Elizabeth Green, Chair of the MISMO Property and Valuation Services Community and Head of Candescent Capitol Ventures. “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).
MISMO requests that any 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 to disclose them at this time in writing. All comments and disclosures are due by April 21, 2025, and should be directed to [email protected]
Tony Garritano is the founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 20 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting PROGRESS in Lending Association was the next step for someone like Tony, who has dedicated his entire career to providing mortgage executives with the information that they need to make informed technology decisions to help their businesses succeed.
