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.
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.
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 website at http://www.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.
“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 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.”
Use of the MISMO standards is governed by the MISMO Intellectual Property Rights (IPR) Policy. For more information on the policy, please click here.
The Mortgage Industry Standards Maintenance Organization (MISMO) was created in 1999 to develop a common data language for the mortgage finance industry. Today, MISMO residential standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and GSEs that govern the exchange of information. Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes. For more information, visit www.mismo.org.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mba.org.