MISMO Releases Rent Roll Standards for Commercial Properties – NMP Skip to main content

MISMO Releases Rent Roll Standards for Commercial Properties

Dec 12, 2016

The Mortgage Industry Standards Maintenance Organization (MISMO) has released a new proposed data standard for the exchange of rent roll information on commercial property. The proposed standard is open for public comment. The public comment period will remain open from Monday, Dec. 12, 2016 through Friday, Jan. 13, 2017. The proposed rent roll standard is expected to be elevated to Candidate Recommendation status shortly thereafter. The proposed standard is designed to provide a consistent set of data points and definitions to use in financing and managing commercial property assets.

Rent roll data on commercial properties is required when a commercial loan is originated and is typically passed along during the life of the loan. Currently, there is no widely accepted method for defining and exchanging rent roll data between multiple parties, which can lead to data errors and added time and costs. The proposed standard is expected to improve the quality and consistency of rent roll data and enable a more efficient exchange of information in commercial property financing.

“I commend MISMO for their leadership in proposing a plan to bring increased quality and consistency to commercial rent roll data. Fannie Mae will continue to do our part to facilitate the adoption of these data standards," said Brian Hunt, director of Multifamily Data Management at Fannie Mae. “The MBA Property Inspection Form, which is now used broadly throughout the industry, is a great example of how data consistency can improve investment analysis. We look forward to working with our DUS Lender Partners during the comment period to explore this opportunity.”

The new standards include a Rent Roll Logical Data Dictionary (LDD), a Rent Roll Schema and Rent Roll XSD, which are all available at MISMO's Web site at MISMO.org/Standards-and-Resources/Commercial-Specifications. The standards support all types of income-producing property, including multifamily residential, retail, office, industrial, senior living (including assisted living and independent living properties), self-storage, mobile home park and hotel properties.

“The National Investment Center for Seniors Living and Care (NIC) strongly endorses MISMO’s proposed data standard for the exchange of rent roll information on commercial property types, particularly as it relates to the seniors housing and care sector,” said Chuck Harry, chief of Research and Analytics for NIC. “This landmark initiative aligns with NIC’s efforts to create more transparency and thereby create more efficient capital flows for the industry. We encourage enthusiastic industry participation with the adoption of these standards by capital providers and capital seekers alike.”

About the author
Published
Dec 12, 2016
VantageScore Says 4.0 Model Could Unlock $1 Trillion In Mortgage Originations

New study says VantageScore 4.0 scores five million more creditworthy borrowers than FICO Score 10T, expanding lending opportunities as the industry prepares for the GSE credit score transition

MISMO Updates Mortgage Insurance Standards To Support FICO 10T, VantageScore 4.0

New implementation guide standardizes mortgage insurance data exchange, helping lenders, insurers and technology providers prepare systems for newer credit scoring models

Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency