Data Standards and Service Standards: Helping Businessesin Real Estate, Mortgage, Appraisal, and Related Industries Function More Efficiently

John Cirincione and Sam Bacharach

Journal of Real Estate Literature, 2007, vol. 15, issue 1, 125-138

Abstract: Much work is being accomplished globally in many industries to standardize data and online services. Benefits of standards include decreased operational costs, increased employee and workplace productivity, improved accuracy, more open exchange of information, increased flexibility, reduced risk, and more real-time transactions. This article discusses the standardization efforts of four standards bodies working on information technology standards to benefit the real estate market and related markets such as mortgage, property valuation, architecture, engineering and construction markets. These standards bodies are the Appraisal Institute, Mortgage Industry Standards Maintenance Organization, Open Standards Consortium for Real Estate, and the Open Geospatial Consortium. The article also addresses each organization's interoperability focus, some of key areas of collaboration, and where they see convergence occurring.

Date: 2007
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DOI: 10.1080/10835547.2006.12090199

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