The MISMO standard has enabled a common language for exchanging data among entities involved in the mortgage finance industry. This has resulted in faster data transmission across systems, better data quality, and more efficient processing. These steps have reduced costs, created more transparency, and improved the productivity of the housing finance ecosystem.
PropMix has adopted the MISMO standard in the Market Conditions Advisor (MCA) product trusted by many appraisers for automated comp selection and local market insights. With this change MCA is able to seamlessly interoperate with other products in the appraisal process.
The standardized XML format and the standardized data allows for easy integration between MCA and other appraisal forms software. This will reduce the need for repetitive work on different platforms. Comparable and market insights can be fed straight into an appraisal software from MCA. The MISMO standardized data allows for consistent interpretation of the property details for improved valuation accuracy and appraisal quality reviews. By eliminating the need for interpreting certain unique fields and/or enumerations, users can process the XML generated straight through.
By adopting MISMO PropMix is committing to innovate and lead the technology and market shifts in the real estate appraisal industry. We compete and differentiate ourselves on the quality of data and insights delivered to the appraiser to ensure customer loyalty instead of using proprietary interfaces to lock them in. We are sure this will provide greater flexibility and convenience to our customers to use the platforms they find best for specific business solutions.
MISMO is the trademark and copyright of MISMO – Mortgage Institute Standards Maintenance Organization, a not for profit volunteer driven subsidiary of the Mortgage Bankers Association.