Aug
04

OSCRE Releases First Digital Commercial Appraisal Reporting Standard

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The Open Standards Consortium for Real Estate recently announced that 10 participating member organizations will provide four live interoperable data exchange demonstrations of three of OSCRE’s seven standards. Cushman & Wakefield and Prudential Mortgage Capital will provide the first of two demonstrations highlighting OSCRE’s Appraisal Reporting Standard for Commercial Property. A second live interoperable data exchange demonstration will be conducted by Integra Realty Resources and The Situs Companies/CJC Worldwide Technologies.

“The purpose of these demonstrations is to share with these influential IT executives the reason we invested our time, knowledge and financial funding to create this standard,” explains Matt Marschall MAI, a Managing Director for Cushman & Wakefield. “We understood as we embarked on this project [that] appraisers, lenders and other industry stakeholders using this standard would experience very significant benefits in operating costs, access time to quality information, and for the first time, real consistency and transparency in the data we rely on,” he concluded.

According to Patrick Craig, Chair of the Business Innovation Committee for Cushman & Wakefield and who will be presenting his portion of the demonstration, “This technology creates a new value proposition for valuation firms and their clients. For valuation firms, we now have the ability to transmit our appraisal report data to the client with speed and accuracy. Previously, this was not even possible. Also, we can validate the data against the data standard to make sure it is compliant.”

John Hall, Chief Credit Officer for Prudential Mortgage Capital’s Structured Finance Group adds, “As a consumer of appraisal reports, I believe that this will change the mortgage underwriting process and help us serve our customers more efficiently. With this new technology, we will be able to stream data accurately and no longer have to re-key information manually. Also, historically the appraisal information was used only once in a single transaction and we would have to fill out a form manually with 15 to 20 data points. Now, we can move hundreds of data points from the appraisal report into our forms, or even store it in our database to help source new transactions or monitor existing deals in our portfolio.”

The Appraisal Institute had aided in the creation of OSCRE’s Appraisal Reporting Standard for Commercial Property, along with members Cushman & Wakefield, Prudential Mortgage Capital, Colliers International, U.S. General Services Administration, Integra Realty Resources and The Situs Companies/CJC Worldwide Technologies.

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