MISMO Releases Rent Roll Standards for Commercial Property

New language brings consistency, efficiency and accuracy to exchange of key property data

WASHINGTON, D.C. – December 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, December 12, 2016 through Friday, January 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.

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New CRE standards are coming!

After blogging about MISMO and CRE data standards for years, I can finally say the new rent roll standard is ready for public comment. Thanks in large part to the efforts by Fannie Mae, we will release the MISMO XML rent roll standard at the MBA’s annual convention starting Oct. 23 in Boston.

If you’re an owner, broker, lender, appraiser, investor, agency or other CRE participant, you need to pay attention.

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MISMO update May 2016

It’s been a while since I’ve posted on C-MISMO, but finally there is some real progress to report. We are releasing an updated rent roll standard for a 60-day public comment period, and Fannie Mae is going to announce its support for the standard this week in Dallas at the MBA Commercial Servicing and Technology Conference.

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REG AB II Update : May 2015

It’s been about 7 months since the SEC came out with the final rules for REG AB II, and the industry response is becoming clear.

CREFC, the industry trade group that controls the IRP, has hosted several meetings with the IRP working group, and the emerging strategy for compliance with REG AB II XML reporting is disappointing.

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More details on Reg AB II

It’s been about two weeks since the SEC released its final rules on disclosure requirements for CMBS, and I have some more details to report.

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SEC Finalizes Reg AB Rules: open XML, no rent rolls

Today the SEC announced its final decision on Reg AB. They held firm by requiring XML data for CMBS to be posted on EDGAR. That is a big deal and a huge win for transparency: each CMBS loan will require wide open disclosure of about 160 data elements.

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SEC takes a big step back on disclosure methods

“All data – especially sensitive data – wants to be free.”

On Feb. 25 the SEC reopened the comment period for REG AB II, with focus on the method used to disclose asset level data.

The 19-page memorandum (download the PDF here) opens with:

“This memorandum describes a potential approach for disclosure of asset-level information to investors and potential investors in asset-backed securities taking into account the potential sensitivity of certain asset-level information. In particular, instead of filing and making publicly available certain types of asset-level information on EDGAR as described in the proposal by the Securities and Exchange Commission for enhanced regulation of ABS offerings in 2010, this approach would require issuers to make asset-level information available to investors and potential investors through an issuer’s Web site which would enable issuers to address privacy concerns associated with such disclosures, including through restricting access to potentially sensitive information.”

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Reg AB II is not almost here

The SEC pulled Reg AB II rule-making from the Feb. 5 agenda.

So nothing happened. There’s no word on why it was pulled or when we will hear back.

Regulation AB II is almost here!

The SEC announced that on Feb. 5 they will propose final changes to loan level data disclosures for all asset backed securities including CMBS. This rule, known as Reg AB II, is an update to the original Reg AB that governed securitization rules during the financial crisis.

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C-MISMO standards coming this month

It’s been a housekeeping month with MISMO as we get ready to re-introduce and formally approve the rent roll and operating statement standards.

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