CMSA IRP Committee Seeks Feedback on XML Standard
As of this time, the CMSA IRP Committee has not received as much feedback on the specifics of the proposed XML standards as it expected given the significant nature of the XML changes. |
As released today by the CMSA:
The CMSA Investor Reporting Package (IRP) Committee published the CMSA IRPx v6.0 Working Exposure Draft #1 in January 2009. As noted in that document, the objective of this effort was to finalize the new XML Reporting standards. The Committee had determined that for the immediate future the XML standard would be finalized during an extended Comment Period of January to June 2009, after which discussion would begin regarding timing of implementation.
As of this time, the CMSA IRP Committee has not received as much feedback on the specifics of the proposed XML standards as it expected given the significant nature of the XML changes. Most of the feedback regarding the CMSA IRPx v6.0 Working Exposure Draft #1 related to the content of the IRP, rather than the proposed XML changes.
As detailed in the Exposure draft, the Committee and CMSA Leadership continue to believe that this is the best time to finalize these standards since the benefits will positively and directly impact the industry’s existing outstanding CMBS.
In addition, as the industry stabilizes, new forms of commercial property financing may appear. Consequently, these standards could become commercial mortgage reporting standards as this would facilitate transparent analysis and comparison of commercial mortgage loan performance regardless of the funding source.
Unfortunately, the lack of feedback on the XML specifications may prevent the CMSA IRP Committee from continuing efforts to finalize these standards. If this occurs, the industry will be forced to update the existing Excel-based IRP to address any additional information needs as may be requested by Investors or other stakeholders.
However, more feedback supporting this effort, including feedback on the detailed XML specifications as well as general support for continuing this effort may help clarify the level of interest within the industry to finalize these standards. We request that any feedback include input from your technology support partners around the XML specifications and the impact on your organization.
While this change will obviously result in additional costs to implement the new standard, the industry participants should also evaluate the cost savings this new approach may provide to your organization due to any business process efficiencies or reduced ongoing technology development costs as compared to that required under the current Excel reporting approach.
Please send your feedback to IRP@cmsaglobal.org