Mortgage change endorsed by FNC
by Wally Northway
Published: June 22,2009
OXFORD — In response to inquiries from its mortgage lender and appraiser clients, officials of mortgage technology company FNC Inc. said they fully support Fannie Mae’s Announcement 09-14. The announcement requires lenders to submit electronic appraisal data when selling loans to Fannie Mae.
FNC said it believes initiatives like this will contribute to better risk assessment and improved transparency in both the primary and secondary mortgage industries. According to Announcement 09-14, Fannie Mae will require lenders selling mortgages to Fannie Mae to electronically submit MISMO XML appraisal data from all real estate appraisals as of March 1, 2010.
FNC clients who use the company’s systems currently receive appraisal reports submitted in a secure electronic XML format called AI Ready. These lenders’ systems can automatically create and deliver the MISMO XML appraisal data to Fannie Mae.
“Clients who use FNC’s Collateral Management System, Collateral HQ or AppraisalPort systems to manage their loan origination processes should not be affected when the new rules take effect,” said Neil Olson, FNC chief legal officer.
For years, FNC has processed millions of appraisal reports annually on behalf of its lender clients using the secure AI Ready XML format. Since 1998, when AI Ready was created in conjunction with the Appraisal Institute, it has been the appraisal industry’s most widely accepted residential appraisal XML standard, FNC said.
As a founding member and long-term participant in the MISMO standards development workgroups, FNC endorses the move toward data-centric loan file submission and improved transparency at the loan level for all participants in the mortgage market. AI Ready XML tools are licensed and integrated by all major appraisal form software packages.
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