MISMO Upgrades Commercial Rent Roll Standards to Candidate Recommendation Status
MISMO®, the Mortgage Industry Standards Maintenance Organization, has upgraded its recently developed standards for commercial rent roll data to "candidate recommendation" status. The decision means the standards have been thoroughly reviewed by a wide range of organizations and industry participants The thorough review by industry provides a good indication that this update is ready for broad use across the entire commercial mortgage industry. The standard is now in its Intellectual Property Review (IPR) period. The IPR review period is the final opportunity for entities to submit inquiries over intellectual property infringement within the standard.
Rent roll data on commercial property is required on all commercial loan originations and follows the life of the loan. Before MISMO's involvement, there was no common method for defining and exchanging rent roll data in commercial transactions, which often led to errors and added time and costs. The new information exchange standard is designed to provide a consistent set of data points and definitions to use when financing and managing commercial property assets. Read More Here.