The Mortgage Industry Standards Maintenance Organization (MISMO) has announced an update to its Property Valuation Standards (PaVS) procurement dataset, aimed at enhancing the standardization of valuation orders within the industry. This development aligns with the Uniform Appraisal Dataset (UAD) version 3.6, providing stakeholders with improved clarity and consistency in the appraisal process. By streamlining integration methods, the updated dataset reduces reliance on proprietary systems, thus promoting uniformity and efficiency across different platforms.
Key elements of the MISMO update include:
– **Standardized Valuation Orders**: Establishing a common framework for ordering appraisals, facilitating better communication among industry participants.
– **Support for UAD 3.6**: Incorporating the latest version of UAD ensures compatibility with current appraisal practices and standards.
– **Reduction of Proprietary Integrations**: Minimizing the use of custom solutions fosters an open environment, encouraging broader participation and innovation within the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/mismo-pavs-procurement-uad-36/(subscription required)
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