MISMO Presents Draft Dictionary of Mortgage Transaction Data

WASHINGTON, DC-Commercial real estate finance industry members have joined the Mortgage Industry Standards Maintenance Organization (MISMO) in the presentation of MISMO Commercial Working Group’s Exposure Draft of the Originations Data Dictionary, a proposal to inventory all data elements involved in originating commercial mortgages. The goal is to streamline the process of originating commercial mortgages for mortgage bankers, borrowers and lenders.

“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.’ “