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.
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