MISMO, the real estate finance industry’s standards organization, announced the availability of its updated Commercial Appraisal Dataset standard. The dataset and accompanying package of resources help facilitate the efficient exchange of appraisal information across the commercial real estate finance industry. The dataset standard has achieved “Candidate Recommendation” status, which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.
“Commercial real estate appraisals are data intensive, with reliance upon and delivery of hundreds of data points,” said Jeff Hurley, Senior Managing Director, CBRE. “It is imperative that the industry adopt and utilize one data standard for the ease and consistency of the transmittal of this data between appraisers, lenders and investors.”
MISMO brought together commercial real estate and technology professionals to create a better experience for conducting and exchanging appraisal information for multifamily and commercial properties.
The package 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 data dictionary (LDD), reference model schema, and an executive summary of a multifamily use case in Excel and XML format.
“The appraisal dataset will standardize (one of) the largest property-level datasets in the industry and enable streamlined consumption and use,” said Brian Hunt, Senior Director, Fannie Mae Multifamily Innovation. “Digitizing appraisal data across entities will be a game changer and provide value across the mortgage lifecycle.”
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