August 8th
& 9th I had privilege of participating in an event entitled “Reengineering
the Appraisal Process – A Return to Fundamentals”. The conference, co-hosted by the Collateral
Risk Network and the American Enterprise Institute in Washington DC, was
attended by nearly 200 folks on-site as well as streamed live over the web. The videos and presentations are available at http://www.aei.org/events/2012/08/09/reengineering-the-appraisal-a-return-to-market-fundamentals/. My comments were delivered as a part of Panel
VI, “Reengineering Plan” as I am leading a subcommittee on data and technology
for the CRN workgroup on appraisal reengineering.
A topic that
received a lot of air play at the conference was the concept of confidence
scoring of data. In order for that idea
to be feasible, the data to be scored must be unambiguous and the source of the
data verifiable. The MISMO version 3.2
Reference Model provides the necessary framework to bring an idea like that to
life.
I feel
strongly about the importance of open data standards and, many of you know me
as “Ms. MISMO”. To that end, I am happy to say that
the MISMO Candidate Recommendation v3.2 Reference Model was posted August 8th to begin the obligatory
30-day Intellectual Property Rights (IPR) comment period. This one has been a long time in the works!
Get it here: http://www.mismo.org/Specifications/ResidentialSpecifications.htm - be
sure to scroll to the bottom of the page after selecting 3.2 in the table at the top of the page.
sure to scroll to the bottom of the page after selecting 3.2 in the table at the top of the page.
New with this distribution is an official Release Notes document that highlights the enhancements
and corrections in the new release of the Reference Model. For
the world of Property & Valuation Services Workgroup (PaVS), this release
contains the final reconciliation of UAD items as well as several new data
elements aimed to improve appraisal analysis and reporting. The PaVS team has also added definitions
across all of our interest areas. And, since no moss gross under the feet of the
PaVS! We have a list of 75 new items
that are being submitted to MISMO Core Data Structures committee later this
month for approval and inclusion in the next release of the MISMO Reference
Model, v 3.3 slated for the end of the year.
A new
item on the horizon from the broader data standards community is the concept of a uniform property identifier. This is an idea forged by the Electronic
Commerce Code Management Association (ECCMA), an open standards group that has
brought together thousands of experts from around the world and provides them a
means of working together in the fair, open and extremely fast environment of
the Internet to build and maintain the global, open standard dictionaries that
are used to unambiguously label information.
The existence of these
dictionaries of labels allows information to be passed from one computer system
to another without losing meaning. I am
convinced that the on-going coordination and collaboration of open standards
groups is vital to the long term growth of sustainable information exchange.
- A federalized numbering system that could be adopted by all jurisdictions that eliminates the basic challenges in property identification.
- Use a spatially-aware, non-proprietary mechanism from a standards body like ECCMA International to provide a formula so that the number could be calculated and matched to GPS coordinates.
- Addresses both ground space and unit space.
- Objective of the number is to represent the actual location boundaries in any satellite image using GPS coordinates.
What would
this mean in the real world sense? The
ability to pinpoint a condominium unit on an interior floor of a high rise! We could eliminate the reliance on the USPS
as the only common, easily-accessible property location identification and end
the tug-of-war calls between appraisers and clients over the “true” address of a
property. Seems like a no-brainer!
