Appraisals must now be electronic, Fannie says
May 11th, 2010
Written by Frost Mortgage
Categories: Appraisals, Branch Partner Opportunities, Ginnie Mae, Loan Officer News, Loan Officer Opportunities, Loan Officers, Mortgage / Credit, Mortgage Banker News, Mortgage Guidelines, Mortgage News, Mortgage rule changes, Mortgage rules, Net Branch Opportunities
Fannie Mae has begun mandating that appraisals be delivered by lenders electronically, according to National Mortgage News.
Lenders will have several options for providing the information according to MISMO standards (”the leading technology standards development body for the residential and commercial real estate finance industries, is a wholly owned subsidiary of the Mortgage Bankers Association”). Smaller lenders may upload PDFs or use the XML format using a Web portal, while larger lenders may work
directly with Fannie’s chosen technology provider, Veros Real Estate Solutions.
According to one analyst, “the migration to the newly adopted valuation standards will largely be invisible to the lending community on the origination side” but is expected to have significant impacts on secondary markets.
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