MISMO recently provided the group working on setting up the commercial standards. The group includes representatives from Capital Thinking, CapMark Services, e-Cognita, Fannie Mae, Freddie Mac, J.P. Morgan, L.J. Melody, Loop Lender, Midland Loan Services, Morgan Stanley, Mortgage Ramp, Prudential, Trepp, and Woodmen of the World--with a Web-based application that makes possible the development of data standards necessary to originate commercial mortgages.
According to MISMO, the application is the principal method through which the "logical data dictionary" and programming tags necessary for online transactions will be established.MISMO was created in January 2000 by the MBA to address the mortgage industry's future in e-commerce.
The first version of the so-called "data standard," which will be released later this year, targets the origination process with a data dictionary that includes more than 700 elements. "Commercial mortgage data standards will accelerate borrower fundings and enhance lender profitability - they drive Web-enablement and process efficiency," says MISMO commercial working group Joseph Rubin, national director of real estate e-business solutions with Ernst & Young LLP.
The effort to collect and define commercial mortgage data into one industry standard makes use of work already done by MISMO on residential mortgages. In March 2000, MISMO released version 1.0 of its dictionary of common data that focused on residential mortgage origination and underwriting. Version 1.1, which covers secondary pooling and delivery transactions and credit, underwriting, mortgage insurance application, and real estate service request processes, was released this March.
"The commercial effort is reusing the tools and processes established by the residential side of the industry and customizing them to reflect the unique nature of commercial real estate finance. The collaboration between the CMSA and MBA really ensures that the standard reflects the market needs of commercial lenders and originators," says Daniel Szparaga, a director in MBA'scommercial/multifamily business group.
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