Archive for the 'Appraisals' Category

Appraisals must now be electronic, Fannie says

May 11th, 2010

Written by Frost Mortgage

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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