MISMO To Update Appraisal Data Standards
MISMO®, the mortgage industry's standards organization, invites the mortgage industry to participate in an effort to enhance its residential appraisal data standards. This effort will evaluate new types of property information that may be useful to the industry. Importantly, the GSEs Uniform Appraisal Dataset (UAD) and Forms Redesign initiative is expected to utilize the resulting update to the MISMO standards.
The increasing digitalization of the industry is resulting in the availability of increased amounts of information on properties. To properly utilize these stores of new information, standards are necessary. A significant update to the MISMO property standards is a possible result of this effort. Learn more here.