MISMO Upgrades Commercial Rent Roll Standards to Candidate Recommendation Status
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WASHINGTON, D.C. (September 8, 2017)- 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.
"Rent roll data is absolutely critical in commercial property financing," said Steve Powel, CEO of Situs. "These new standards are the result of time and energy spent by a wide number of industry participants, whose work will ultimately create more consistency, efficiency and transparency in commercial transactions."
MISMO's rent roll standards support all types of income-producing property, including multifamily residential, retail, office, industrial, senior living, storage facilities, mobile home parks and hotel properties. They include a Rent Roll Logical Data Dictionary (LDD), a Rent Roll Schema and Rent Roll XSD, which are all available at MISMO's website at http://www.mismo.org/standards-and-resources/commercial-specifications.
The MISMO rent roll standard subject is to a 30-day IPR review. The IPR Review period will be open from Monday, September 11, 2017 through Monday, October 9, 2017. Any and all intellectual property rights disclosures should be submitted to firstname.lastname@example.org on the MISMO IPR Disclosure Form