MISMO (Mortgage Industry Standards Maintenance Organization)
The standards body that develops and maintains the XML data formats used for electronic exchange of mortgage industry data, including appraisal reports. The MISMO XML format is the required delivery format for GSE appraisal submissions.
MISMO XML provides a standardized structure for encoding appraisal data, enabling seamless electronic transmission between appraisers, AMCs, lenders, and GSEs. The appraisal report is converted from the appraiser's software into MISMO XML format before submission to UCDP/EAD. The MISMO reference model defines hundreds of data points covering property characteristics, comparable sales, adjustments, and the appraiser's analysis. All appraisal software vendors must support MISMO export for GSE-compliant reports.
Related Terms
Uniform Collateral Data Portal (UCDP)
UCDPA web-based portal operated by Fannie Mae and Freddie Mac where appraisal reports are electronically submitted and checked for UAD compliance, data quality, and potential red flags before delivery to lenders..
Electronic Appraisal Delivery (EAD)
EADFreddie Mac's portal for electronic submission and quality review of appraisal reports.
Uniform Appraisal Dataset (UAD)
UADA standardized data specification developed by Fannie Mae and Freddie Mac that defines how appraisal data fields must be completed, ensuring consistency and enabling automated analysis of appraisal reports..
Fannie Mae (Federal National Mortgage Association)
FNMAA government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages, setting appraisal standards and form requirements that apply to the majority of conventional mortgage loans in the United States..
More in UAD & GSE Standards
View allUAD Condition Ratings (C1–C6)
A standardized six-level scale for rating the physical condition of a property's improvements, ranging from C1 (new or recently constructed) to C6 (in need of substantial repairs and rehabilitation)..
UAD Quality Ratings (Q1–Q6)
Q1-Q6A standardized six-level scale for rating the quality of a property's construction, ranging from Q1 (highest quality, custom-built luxury) to Q6 (basic or substandard quality construction)..
Freddie Mac (Federal Home Loan Mortgage Corporation)
FHLMCA government-sponsored enterprise (GSE) that purchases and securitizes residential mortgages.
Collateral Underwriter (CU)
CUFannie Mae's automated appraisal risk assessment tool that scores appraisals on a scale of 1.0 to 5.0 based on comparable selection, adjustment accuracy, and other quality factors.