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Fannie’s underwriting group drops AI Ready requirement

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Jonsey

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Feb 24, 2007
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State
Florida
June 12, 2008


Fannie Mae's National Underwriting Center (NUC) relaxes requirement to submit completed orders in AI Ready format


Thursday, June 19, 2008


Citing “limitations” with software providers using the AI Ready format, Fannie Mae’s underwriting center is no longer requiring appraisers to submit orders in that format. Fannie made the announcement in a letter sent from its National Underwriting Center (NUC) to appraisers who have .continued
http://www.valuationreview.com/
 

CANative

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Jun 18, 2003
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Retired Appraiser
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California
Darn it. I just sent Bradford the $99 for the aiready converter.
 

Joyce Potts

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Certified Residential Appraiser
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Florida
Look like the Forum participants had an impact. Guess who's watching and reading.

Great job everyone. And shame on those--well, you each know who you are.
 

Ken B

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The article states the limitations are with the software providers, not the AIReady format. Congratulating the anti-AIReady crowd here for their "impact" is kind of like congratulating the weather man because it was a mostly sunny day.
 

Elliott

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Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
My software has the AI function. I just tell them I don't do them
in AI because its intended to be data stealing of confidential
information. If they want the 'report' it comes in any color they
want as long as its a pdf.
 

Tim Hicks (Texas)

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Texas
Once again, this is the NUC which handles the reviews and retrospective appraisals which require many pages of supplemental addenda. The NPDC still requires you utilize the AIready format for REO appraisals for Fannie Mae.

Please understand there is a difference between the NUC department and NPDC deparment. Appraisers doing REO work do not need to misunderstand this thread.
 

Tim Hicks (Texas)

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It is my understanding that if you want to continue to do Fannie Mae REO appraisals you better be AIready soon as that will soon be a requirement to receive orders. They will select appraisal orders based on their scoring system plus AIready and weed out the rest of the appraisers who don't conform or provide the type of REO valuations that they need. Appraisers have taken their Fannie Mae work for granted they are making changes to make appraisers do quality work. How many appraisers can afford to lose 3-10 full fee assignments per month?

Fannie Mae does care what the forum participants think about their new system. It will have to fail on its own merits.
 
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Tim Hicks (Texas)

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Professional Status
Certified Residential Appraiser
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Texas
Look like the Forum participants had an impact. Guess who's watching and reading.

Great job everyone. And shame on those--well, you each know who you are.


You really don't have a clue, do you. There is no impact. AIready can not handle the overload of supplemental addenda that Fannie Mae requires on reviews and retrospective appraisals. It is as simple as that. No impact from this forum. No impact except they need the 40 page report it takes. AIready and Appraisalport can not handle the file size or the type of addenda required.

Shame on you for patting yourself on the back for nothing.
 
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Jonsey

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Feb 24, 2007
Professional Status
Appraiser Trainee
State
Florida
The article states the limitations are with the software providers, not the AIReady format. Congratulating the anti-AIReady crowd here for their "impact" is kind of like congratulating the weather man because it was a mostly sunny day.

Hey, I don't thumb my nose up at anybody who says it gonna be a sunny day.
 

chris gallo

Sophomore Member
Joined
Mar 15, 2006
Professional Status
Certified Residential Appraiser
State
Maryland
How do you even get AI ready to begin with? i believe i am not but have been asked before. what is it?
 
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