Industry Standards

The leadership at C-MISMO (which I am a part of) has been trying to decide the next steps to promote standards adoption. Toward that end, we hosted a “MISMO Summit” in May to seek support. At the meeting, it was clear a group of people wanted to put the entire effort into a hibernation mode.

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I attended the CREFC Annual Conference last week in New York, which was also attended by about 1,000 people representing all the different segments of the CMBS industry (Issuers, Investors, Servicers, and Professionals).

I would describe the mood as cautious due to recent spread widening, a perception that CMBS underwriting standards have already deteriorated and a widespread belief that the “reforms” implemented for CMBS 2.0 don’t amount to much.

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I’m fresh back from a pair of industry get-togethers. C-MISMO is floundering; retail seems to be recovering.

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The industry trade group that controls the reporting standards for CMBS reporting, the CRE Finance Council, released the consensus version of the new reporting requirements for CMBS 2.0. The trade group spent over a year with investors, issuers and servicers trying to reach consensus on best practices and disclosure levels.

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We in the Commercial Mortgaging Industry Standards Maintenance Organization (C-MISMO) have been trying to come up with our strategic goals for 2011. As a starting point to determine these goals, we are using the results of a 2010 survey the MBA commissioned by the Vertical Industry Standards and Technology Adoption (VISTA) project. The survey basically asked industry participants if Commercial MISMO standards were being adopted and, if not, why not.

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