MISMO Releases 3 Commercial Data Standards

MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association, has announced the release of three additional data standards -- involving document classification, environmental assessment, and work order requests -- for the commercial/multifamily mortgage industry.MISMO said each standard has a unique function: Document Classification Version 1.1 allows for a standardized methodology for identifying and including a document in an electronic transmission; Environmental Site Assessment Synopsis Version 1.1 is designed to enable the electronic transmission of a summary of the important data points in an environmental assessment on a commercial property; and Work Order Request and Response Version 1.1 is designed for use in basic project tasking situations. The first commercial data standard released by MISMO was Commercial Servicing Transfer Standard Version 1.0. MISMO said the standards will eventually "reduce costs, streamline processes, improve accuracy, increase data transparency, and boost investor confidence in mortgages as an asset class." MISMO, the Mortgage Industry Standards Maintenance Organization, can be found online at http://www.mismo.org.