Magazine article Mortgage Banking

MISMO Releases First Commercial/multifamily Data Standard

Magazine article Mortgage Banking

MISMO Releases First Commercial/multifamily Data Standard

Article excerpt

MISMO announced the completion and release of its first data standard for the commercial/multifamily mortgage industry. The release of Commercial Servicing Transfer Standard Version 1.0 marks completion of the first phase of MISMO's broad effort to develop and promote data standards for the commercial/multifamily mortgage industry.

This initial standard is the first of many planned for the industry, with MISMO's ultimate aim of reducing costs, streamlining processes, improving accuracy, increasing data transparency and boosting investor confidence in mortgages as an asset class, according to Dave Bodi, co-chief operating officer of Midland Loans Services/PNC Real Estate Finance, Shawnee Mission, Kansas, and chair of MISMO's Commercial Steering Committee.

"After years of hard work, we are thrilled that this standard has become a reality," said Bodi. "Launching the servicing transfer standard is a huge accomplishment that will pave the way for other data standards to be released, to the benefit of the industry overall."

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's approach to commercial/multifamily data standards is designed to accommodate the complex characteristics of this type of lending. …

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