MISMO®, the real estate finance industry’s standards organization, announced today that it is seeking public comment on a proposed standard for Commercial Green Utility Data. The 90 day comment period starts today and runs through September 30, 2021.
The new dataset was created in response to increased lender and investor reporting requirements brought about by the growing consideration of energy and water efficiency in commercial/multifamily underwriting. This data can be leveraged to obtain industry certifications and to complete energy and water audits which may enable lenders to provide mortgage loan discounts. Developed by real estate and technology professionals, the new dataset will facilitate the efficient exchange of commercial/multifamily green utility data across the real estate finance industry.
“Increased demand in the reporting requirements for energy and water efficiencies has led to the need for a standard in this space and MISMO is pleased to put forth this timely standard to meet the needs of commercial and multifamily market participants,” said Seth Appleton, President, MISMO. “This proposed MISMO data standard will encourage the availability and uniformity of the green utility data across the industry by improving communication about this information between lenders and property owners and making it easier and more efficient to exchange commercial/multifamily data.”
The Commercial MISMO workgroup brought stakeholders together to create a better experience for conducting and exchanging whole-property utility data. This release includes the stand-alone Commercial Green Utility 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. Note that legacy MISMO commercial specifications will be updated to include new and modified data points, enumerations and structures associated with the new Commercial Green Utility Dataset at a future date.
“Timely and accurate exchanges of multifamily utility data is critical to support the increased demand for energy and water data collection. The proposed standards will improve the process for the commercial and multifamily real estate finance industry,” Karyn Sper, Director of Multifamily Green and Healthy Housing Financing, Fannie Mae.
The public comment period is also intended to afford workgroup participants who participated on the proposal notice prior to final release, in order to review the exchange and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy). For more information on the policy, please click here.
MISMO 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, to disclose them at this time in writing. All comments and disclosures 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.