MISMO, the real estate finance industry standards body, has released an update to its Property Valuation Services (PaVS) procurement dataset. The revision aims to standardize how valuation orders are structured, specifically aligning with the Uniform Appraisal Dataset (UAD) version 3.6.
The update focuses on eliminating the need for proprietary integrations between lenders, appraisal management companies, and appraisers. By providing a common data format, MISMO hopes to reduce friction and costs associated with custom data exchange protocols.
This development comes as the industry grapples with increasing regulatory scrutiny and technology modernization demands. UAD 3.6, which has been in development, introduces new data fields and validation rules intended to improve appraisal consistency and quality.
For lenders and service providers, the updated PaVS dataset could streamline the ordering process and enhance data reliability. However, adoption may require initial investment in system upgrades to fully leverage the new standards.