The Mortgage Bankers Association’s (MBA) MISMO is seeking public comment on its commercial appraisal dataset, its Life of Loan business model, and its engineering guidelines three and six.
Comments on the commercial appraisal dataset and engineering guideline three are due on or before March 26, 2021. The comment period for the Life of Loan Business Model and engineering guideline six is open until April 23, 2021.
The commercial appraisal dataset “will facilitate the efficient exchange of commercial real estate appraisal information, critical for underwriting and loss mitigation, between multiple industry participants.” The comment period is meant to give the public time to review and comment on recent dataset updates completed in response to feedback received during the initial comment period.
“The new dataset was developed from a collaborative effort of commercial real estate and technology professionals,” the MBA said in a release. “Following the earlier comment period, the dataset was updated to include new building-level data points, additions for non-multifamily property types and parties as well as refinements to various definitions and enumerations.”
The MISMO Life of Loan business model depicts common activities that may occur over the life of a mortgage loan and enables business professionals and others to access information about MISMO products within the context of the business process. It includes an overview, narratives, workgroup cross reference, and a process model.
“Highlights of the MISMO Life of Loan version 2021.12 include its presentation in business process model and notation (BPMN), which is a standard way of documenting business processes,” a release stated. “The overview describes how to navigate the MISMO Life of Loan product, including an introduction to BPMN shapes, and each narrative provides a brief description of what happens during the process and directs the reader to related MISMO products and workgroup(s). The workgroup cross reference assists the reader in finding MISMO Life of Loan content for the MISMO workgroup(s) in which they participate.”
Adjustments to engineering guideline three were made to account for the migration of the MISMO reference model to a non-platform specific tool maintained in uniform modeling language. Engineering guideline six, which provides guidance on the versioning and release schedule for the MISMO version 3.x data standards, also was adjusted to reflect that it applies to the various representations of the MISMO model instead of just the XML schema.
The comment periods are also meant to give workgroup participants who worked on the proposals at least 30 days notice prior to final release, so that they may be able to review the dataset and disclose any applicable patent rights.