MISMO Issues New Specification To Support Appraisal Ordering Ahead Of Upcoming Appraisal Changes
MISMO published a new Appraisal Procurement Dataset Specification designed to facilitate and standardize the ordering of property services including appraisals. It was created in conjunction with the upcoming changes to the appraisal reporting being introduced as a part of the updated Federal Housing Finance Agency (FHFA) Uniform Mortgage Data Program (UMDP) and Uniform Appraisal Dataset (UAD) 3.6.
The MISMO Appraisal Procurement Specification provides the industry with a common framework for exchanging appraisal order information along with various other service types. Importantly, the new specification will enable industry participants to order appraisals independent of legacy numbered appraisal forms as they will be retired with Fannie Mae and Freddie Mac’s new appraisal process.
“The creation of this procurement specification brings an immediate opportunity for the industry to leverage the MISMO vocabulary used in the new UAD 3.6 specification in their respective order processes, for any valuation product,” said Elizabeth Green, Chair of the MISMO Property and Valuation Services Community and SVP, Valuation Solutions, at ServiceLink. “Utilization of the MISMO standard vocabulary will reduce complexity while providing stakeholders the opportunity to improve automation as the industry moves to fully digitize the entire valuation process.”
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