MISMO releases first data standard for commercial mortgages

Action aims to reduce costs, improve accuracy for servicers

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The Mortgage Industry Standards Maintenance Organization (MISMO), the not-for-profit data standards subsidiary of the Mortgage Bankers Association, today announced the completion and release of its first data standard for the commercial/multifamily mortgage industry. The release of Commercial Servicing Transfer Standard Version 1.0 marks the completion of the first phase of MISMO's broad effort to develop and promote data standards for the commercial/multifamily mortgage industry. This initial standard is the first of many planned for the industry. Ultimately, MISMO standards aim to reduce costs, streamline processes, improve accuracy, increase data transparency, and boost investor confidence in mortgages as an asset class. Data standards provide one key method by which firms can simplify the different ways they transmit information electronically. This simplification provides direct benefits, such as streamlined communication between trading partners, simplified access to more produ...