MISMO and Institute Working on Standards
MISMO is making inroads to standardize the appraisal sector. Property data standards are in the final stages of approval and MISMO has entered into an alliance with the Appraisal Institute that will hopefully result in one appraisal standard as well.
"For about the past two-and-a-half-to-three years we've been trying to create standards for property," said Jeff Bradford, president of Bradford Technologies and an active MISMO participant. "It's really the foundation for the whole process. We've been working with originations all the way to the recorders. For example, when you enter the address in on the 1003, that same chain can go all the way through to the investor to electronically record the loan because of the new property standards."
At press time, the standards were approved. It is MISMO's policy to have a 30-day waiting period before going live with a new data set to allow for last-minute adjustments if needed.
"The idea is that the property data set is a core component for appraisals so property vendors can also use it," said Mr. Bradford.
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