MISMO®, the real estate finance industry's standards organization, today announced an update to the Property and Valuation Services (PaVS) Procurement Dataset Specification, providing industry participants with a modernized, data‑driven approach for ordering valuation services.

The updated specification provides guidance for exchanging valuation service orders using standardized data elements, replacing legacy form‑based ordering with a flexible, data‑driven approach that supports the industry’s transition to UAD 3.6. The intended audience for this specification is primarily technology teams integrating order data between lenders, appraisal management companies (AMCs), and valuation service providers such as appraisers.

“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.”

This standard was developed by the MISMO Property and Valuation Services Community of Practice in response to industry demand for a data‑driven approach to valuation service ordering. The Community of Practice is led by ServiceLink’s Green (Chair) and Vice-Chair Darlene Swain, Consolidated Analytics, Inc.

This specification has achieved “Candidate Recommendation” status, indicating that the work product has been thoroughly reviewed, achieved broad industry consensus, and is ready for industry implementation. MISMO encourages lenders, appraisal management companies, valuation service providers, and technology vendors to download and review the standard.

For more information or questions, please contact info@mismo.org