Industry Standards

When we talk about improving “Transparency” in CMBS, what are we talking about? To me, it is the rent roll.

As an industry, we do a good job reporting on the notes and the bonds (the liability side). We do not do as good a job on the properties, as we are missing simple but critical tenant information (name, start date, end date and rent amount). Rent rolls and the tenant-level information they provide are an essential component of analyzing commercial real estate, and standard access to this data will deliver great benefits to CMBS industry, especially investors.

So why isn’t rent roll data already passed through the system? The reasons come down to existing processes and legitimate self-interest.

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The best things about conferences are the unexpected and unplanned meetings.

Last night at the CMSA/MBA Capital Markets Conference in Washington, DC, I enjoyed an experience that restores a bit of hope: a illuminating dinner with three CMBS experts, each with his own insight into saving the market.

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I’ve known Mike Matheson professionally for years, but I finally got an opportunity to work with him earlier this year when a common client required we produce a nightly XML export out of Backshop in the C-MISMO data standard.

Mike, who sold a technology company to Midland and has a successful consulting company, Solve Development, has probably spent more time promoting C-MISMO than just about anyone.

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On Wednesday morning, my “happy” post-election emotion was replaced with a toxic combination of hangover and jet lag. I hit snooze a bunch of times and finally made it over to the conference for the afternoon sessions.

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My takeaway from this week’s conference was the Mortgage Bankers Association is absolutely serious about enacting reform at every level. The words transparency, standards and credibility were used over and over. Because of the massive losses and the government’s long-term commitment to providing financing for homes, the pressure to standardize is greater than ever.

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