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| Title: | MISMO® Releases Three Data Standards for the Commercial/Multifamily Mortgage Industry | | Source: | MISMO | | Date: | 6/11/2007 |
Washington, DC (June 11, 2007) - MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), announced the completion
and release of three more data standards for the commercial/multifamily mortgage industry. The release of Document Classification
Version 1.1, Environmental Site Assessment Synopsis Version 1.1 and Work Order Request and Response Version 1.1 marks the
completion of the next phase of MISMO's broad effort to develop and promote data standards for the commercial/multifamily
mortgage industry. These standards, along with the already released Commercial Servicing Transfer Standard Version 1.0, are
the first of many planned for the industry. Ultimately, MISMO standards will reduce costs, streamline processes, improve accuracy,
increase data transparency, and boost investor confidence in mortgages as an asset class.
Data standards provide one key method by which firms can simplify the different ways they transmit information electronically.
This simplification provides direct benefits, such as streamlined communication between trading partners, simplified access
to more products and services, and reduced error rates during the origination and servicing of mortgages. MISMO was established
by MBA and its members to develop and promote the adoption of these standards. MISMO's approach to commercial/multifamily
data standards is designed to accommodate the complex characteristics of this type of lending.
"After years of hard work, we are thrilled to add these three standards to our offerings," said Dave Bodi, Executive Vice
President of Midland Loans Services/PNC Real Estate Finance and Chair of MISMO's Commercial Steering Committee. "Launching
these standards will pave the way for other data standards to be released which will most certainly benefit the commercial
real estate finance industry, overall."
Each standard has its own unique function:
- Document Classification Version 1.1 allows for a standardized methodology for identifying and including a document, by category
and type, in an electronic transmission. It also allows the document to be associated with a particular loan, collateral or
party.
- Environmental Site Assessment Synopsis Version 1.1 is designed to provide a method for electronically transmitting a summary
of the important data points contained in an Environmental Assessment on a commercial property.
- Work Order Request and Response Version 1.1 is designed for use in basic project tasking situations. In greater detail, this
would include situations where, for example a lender was tasking a vendor with a type of work at a number of properties. This
allows the receiving vendor system to automatically process the type of work, the date of delivery and specific property information
(including address, property and building details). At present the Work Order Request and Response is largely limited to Environmental
and Engineering reports however, the structure is designed to set the stage for many other types of work order requests (including
Appraisals and Site Inspections).
Information on the MISMO organization, its efforts in the commercial/multifamily and residential mortgage industries, and
its complete library of mortgage standards, including these three standards, are available at www.mismo.org.
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ABOUT MBA
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 500,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 3,000 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.
ABOUT MISMO
The Mortgage Industry Standards Maintenance Organization, Inc. (MISMO), a not-for-profit subsidiary of the Mortgage Bankers
Association (MBA), develops data transfer protocols that span the $12 trillion residential and commercial real estate finance
industries. MISMO coordinates the development and maintenance of Internet-based Extensible Markup Language (XML) real estate
finance specifications and electronic mortgage guidelines through a voluntary, open and vendor-neutral process, and its workgroups
include more than 1,000 individual participants from over 160 subscribing organizations representing all sectors of the residential
and commercial industry: lenders, originators, servicers, investors, government-sponsored enterprises, technology vendors,
multiservice providers, credit reporting agencies, insurance firms, tax services and law firms. MISMO is a registered trademark
of the Mortgage Industry Standards Maintenance Organization, Inc. For more information on MISMO, visit www.mismo.org.
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