"We hope to make the lending process much more efficient in terms of going back to other parties for more information," Commercial Mortgage Securities Association (CMSA) CEO Dottie Cunningham explains to GlobeSt.com. CMSA members, along with those of the Mortgage Bankers Association of America, comprise MISMO. With the exposure draft in place, Cunningham says, "we'll be going out into the marketplace and trying to get people in the industry to buy into the project, to support the idea, to say 'yes this works and these are the data elements we need.' "

MISMO is soliciting responses and suggestions from the industry in order to fine-tune the product. The organization has set a timetable for the project and plans to launch a final draft by year's end. "The two steps of building the architecture plus the marketing, per se, of the product are going to be going on simultaneously so we can meet that goal by the end of the year," Cunningham adds.