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Bridger Pioneers New Usage of MISMO Standards for Transferring Commercial Mortgage Data

May 11, 2007

SAN FRANCISCO -- Bridger Commercial Funding, the commercial real estate loan conduit for banks, announced of the innovative MISMO (Mortgage Industry Standards Maintenance Organization, Inc.) Commercial Servicing Transfer Standard (Version 1.0). In conjunction with Midland Loan Services Inc. (PNC Real Estate Finance), Bridger's MISMO-based transfer is the first production transaction of its kind that uses Internet-based Extensible Markup Language (XML) to exchange electronic real estate finance data & specifications.

This significant innovation demonstrates the business practicality of using XML to accelerate information exchange between commercial lenders and servicers; and validates MISMO's approach for using a relational XML-based transaction for data standardization of commercial and multifamily mortgages.

Two or more parties can use the data dictionary and base reference model to exchange any information. To the industry, these new transfers indicate that other transaction standards like an XML version of CMSA IRP, appraisals, inspections, operating statement data, rent rolls, insurance data, tax data, property condition reports, preliminary lending package, final lending packages, environmental reports, comfort audits, due diligence data, and much more, are geared up for development.

"This proof of concept was needed before other industry players would seriously join the efforts around these standards," said Dave Bodi, Executive Vice President for Midland. "With Bridger's success, the MISMO model will be used as the basic foundation for all new standard transactions going forward."

"MISMO and its industry participants have strategically established the path by which complex loan data can be efficiently and correctly exchanged between firms, and Bridger's implementation demonstrates that both the technology and our approach work well in the real world of commercial lending," said Daniel Szparaga, Acting Executive Vice President of MISMO.

Bridger Commercial Funding is an active participant and leader in MISMO's commercial data standards effort. Ms. Sadeh serves as an elected member of the MISMO Governance Committee and is the co-chair of the MISMO Commercial Originations Workgroup.

Bridger Commercial Funding offers non-recourse, commercial real estate (CRE) loans that help banks generate fee income, enhance borrower relationships, and optimize CRE portfolio risk-return profiles. Bridger's primary product is the STAR Loan®, a CMBS (Commercial Mortgage Backed Securities) loan origination program. The company also acts as an advisor for loan trading services through its BankXchange® program.

The MISMO Commercial Servicing Transfer Standard was released in February 2006 as MISMO's first standard for the commercial and multifamily mortgage industry. MISMO is a non-profit subsidiary of the Mortgage Bankers Association whose goal is the open and collaborative development of XML-based data standards by firms throughout the mortgage industry.

Source: Bridger Commercial Funding



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