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OGC and CRN partner to establish a unique geospatial real property identifier

Press Release 22 Apr 2021 - 13:30 SAST

OGC and CRN partner to establish a unique geospatial real property identifier

Press Release 22 Apr 2021 - 13:30 SAST

Information from OGC

The Open Geospatial Consortium (OGC) and Collateral Risk Network (CRN) will work together to develop a unique geospatial real property identifier (or PUID) that has applications in housing finance and beyond.

“OGC is encouraged by the vision CRN has for real property identifiers that take advantage of modern IT practices for better integration with users at all levels: from housing finance participants to consumers,” said the OGC’s Scott Simmons. “The work being undertaken by CRN and OGC will ensure that location information associated with property adheres to the best industry practices for accuracy and information sharing.”

CRN was formed in 2003 to advance the collateral valuation profession and establish standards to ensure that appraisal reports are credible, reliable, and useful in collateral risk analysis. “Democratisation of real property data is mandatory if we are going to endeavour to modernise housing finance,” said Joan Trice, the founder and president of the CRN.

Standards are core to modernising and advancing a real estate IT “Super Highway,” yet a unique property identifier is still absent. The PUID aims to provide the basis for a retrievable catalogue which ensures that future connections to data from city, building, underground models, and/or other associated data are easily enabled. In establishing the PUID, the organisations will jointly promote a Concept Development Study and subsequent Pilot.