MISMO Calls for Volunteers to Join Effort to Create New Appraisal Request/Response Transaction Specification

WASHINGTON, D.C. (June 7, 2024)– MISMO®, the real estate finance industry's standards organization, today issued a call for industry professionals to join the Property and Valuation Services (PaVS) Community of Practice (CoP) in a new effort. The CoP will soon begin developing a comprehensive dataset specification that will facilitate the procurement of valuation services without the reliance of form numbers.

This work effort will provide the industry with a common framework for exchanging transactional order information using the new terminology and requirements being introduced in 2025 as a part of the  Fannie Mae and Freddie Mac Uniform Mortgage Data Program (UMDP) Uniform Appraisal Dataset (UAD). Creation of this procurement specification provides an opportunity for the industry to leverage the MISMO vocabulary utilized in the new UAD in their respective order request and response service transactions.

MISMO invites professionals from all sectors of the industry to join, including appraisers, appraisal management companies, lenders, financial institutions, technology providers, software developers, and real estate professionals. Individuals interested in joining this group who are already MISMO members may join the Property and Valuation Services (PaVS) CoP collaboration site that has been established on MISMO Connect. Those not already members of MISMO who would like to participate should contact [email protected] for instructions. The meeting to begin this work effort will be held June 14^th at 11:00 a.m., ET via video conference.  The meeting cadence will also be determined during this meeting.

MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee. Visit MISMO.org to learn how you can get involved.