Group Begins Work On Online Commercial Mortgages

WASHINGTON, DC-Industry leaders say have taken the first step in developing criterion for conducting commercial mortgage transactions over the Internet with the use of a new Web-based application. The Mortgage Bankers Association of America and the Commercial Mortgage Securities Association are leading the effort to bring commercial mortgage transactions to the Internet by the Mortgage Industry Maintenance Organization, or MISMO commercial.

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.