MISMO releases commercial/multi-family data standardMortgagePress.comMISMO mortgage
The Mortgage Industry Standards Maintenance Organization
(MISMO), the non-profit data standards subsidiary of the Mortgage
Bankers Association, has announced the completion and release of
its first data standard for the commercial/multi-family mortgage
industry, Commercial Servicing Transfer Standard Version 1.0.
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/multi-family data standards is designed to
accommodate the complex characteristics of this type of lending.
The servicing transfer standard is broad in scope and can be
applied to any circumstance in which a servicer must import
commercial loan data into their system for the first time. Examples
of this include the boarding of individual loans, the acquisition
of servicing rights for entire portfolios and the awarding of
servicing in a commercial mortgage-backed securities issuance. The
servicing transfer standard was prioritized as MISMO's first
commercial standard, because it answers the industry's need for a
standardized way to move large amounts of data and improve what is
currently a labor-intensive process. Its range of data points also
provides a key validation of the concepts upon which the commercial
architecture was based.
"After years of hard work, we are thrilled that this standard
has become a reality," said Dave Bodi, co-chief operating officer
of Midland Loans Services/PNC Real Estate Finance and chair of
MISMO's Commercial Steering Committee. "Launching the [Commercial]
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."
For more information, visit www.mismo.org.
