CMSA and MISMO execute data standards agreement.
According to CMSA and MISMO, the alliance benefits the entire commercial and multifamily mortgage industry because it makes possible the development of a single technical infrastructure for XML-based data transfer across the entire spectrum of commercial finance. This common architecture will accelerate the benefits already anticipated by the industry from the adoption of XML, which include reduced costs, streamlined processes, improved accuracy, better data transparency and increased investor confidence in mortgages as an asset class.
The CMSA IRP--a set of data standards that facilitate the flow and transfer of information throughout all areas of the CMBS marketplace--has been a key factor in contributing to the continued growth and liquidity of the CMBS market. MBA established MISMO in 1999 to develop the processes, framework and technical architecture for applying XML to all areas in commercial and residential finance. Through the alliance agreement, MISMO and CMSA will work together to apply this architecture to the CMSA IRP. Under the terms of the agreement, CMSA retains its ownership of the CMSA IRP and remains the venue for continued development and promotion of its future updates.
"This alliance is an important first step toward the adoption and implementation of MISMO standards by the commercial industry," said Joe Beggins, chief executive officer of GEMSA Loan Services LP, Houston, and MISMO's chairman of the board. "Its results will save man-hours and reduce servicing costs, while improving accuracy and ease of the investor reporting function."
"The opportunity for an industry to develop a common architecture for information exchange is significant, and really a win for all firms in the market," said Catherine Rodewald, vice president and chief information officer of Prudential Mortgage Capital Co., Newark, New Jersey, and former chair of the MISMO Commercial Working Group.
The same technology that has provided demonstrated cost reductions and new efficiencies in the residential industry is now being applied to the commercial real estate industry. XML provides commercial firms the opportunity to create significant process efficiencies and productivity gains. By leveraging the power of two successful standards, these benefits are amplified through all sectors and process areas of the market, according to MISMO.
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|Title Annotation:||TechNewz; Commercial Mortgage Securities Association, Mortgage Industry Standards Maintenance Organization Inc.|
|Date:||Mar 1, 2005|
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