MISMO updates PaVS procurement dataset for UAD 3.6

MISMO, the real estate finance industry’s standards organization, released an update to its Property and Valuation Services (PaVS) Procurement Dataset Specification on Tuesday, aiming to modernize how valuation services are ordered across the mortgage ecosystem.

The updated specification replaces legacy form-based ordering with a standardized, data-driven framework for exchanging valuation service orders. It is designed to support the industry’s transition to UAD 3.6 and uses structured data elements to streamline communication between lenders, appraisal management companies (AMCs) and valuation service providers such as appraisers.

The intended users are primarily technology teams responsible for integrating order data across those systems.

“The Property and Valuation Services Procurement specification provides a standardized approach to requesting services using the MISMO vocabulary. This enables trading partners to more quickly develop and deploy integrations to transact services without getting bogged down in proprietary approaches,” said Elizabeth Green, SVP of valuation solutions at ServiceLink. “Further, the specification provides for recommendations that support the new UAD 3.6 style of valuation services and includes the GSE recommended elements for ordering without form numbers.”

The standard was developed by the MISMO Property and Valuation Services Community of Practice in response to industry demand for a more data-centric approach to valuation ordering. The group is led by Green as chair and Darlene Swain, executive vice president at Consolidated Analytics, Inc., as vice chair.

MISMO said the specification has reached “Candidate Recommendation” status, meaning it has undergone broad industry review, achieved consensus and is ready for implementation.

The organization is encouraging lenders, AMCs, valuation providers and technology vendors to download and evaluate the standard as adoption efforts move forward.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.