I sit on the Commercial Mortgage Industry Standards and Maintenance Organization’s Commercial Board of Governors (C-MISMO BOG) and we have been active this month working on two things:
- Creating a MISMO action plan to make MISMO relevant and to help the CMSA get IRP 6 approved.
- Preparing for our panel session at the MBA Commercial/Multifamily Servicing and Technology Conference in New Orleans May 12–15.
On the MISMO front, it has been a very interesting month. Since the CMSA officially asked for industry comment on IRP 6, the MISMO BOG has been trying to finalize our strategy to best help promote the adoption of open and transparent commercial real estate standards. Also, most members of the BOG are participating in a MISMO panel on May 13th at the MBA’s Tech Conference in New Orleans. These two events have helped us focus our message and strategy.
The process of agreeing on our strategy, as a group, has required a bit of consensus building. Frankly, the process has been refreshing because I think the position we seem to be reaching is the right one, and I am feeling good about it. When we release the statement at C-MISMO (probably around the conference), I will post it here. Stay tuned.
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Jim Flaherty is CEO of CMBS.com and the creator of the Backshop loan origination system. He is a trained credit professional with experience installing enterprise underwriting systems for commercial real estate lenders, rating agencies and investors.