Fannie Delays Mismo Till After July 1

[Mike Kennedy]

Fannie Mae - Electronic Appraisal Delivery UPDATE - MISMO XML Standard

Announcement 09-14, Electronic Appraisal Reports, Enhancements to the Loan Delivery File Format, and Mortgage Fraud Reporting, stated that Fannie Mae will require the submission of electronic appraisal reports and their addenda in an acceptable XML format for all loans requiring an appraisal report. The date lenders will be required to comply with this requirement has changed from March 1, 2010 to sometime on or after July 1, 2010 (effective date to be announced). Also, the acceptable submission format has changed to accommodate XML formats that are commonly used in the residential appraisal marketplace.






In support of electronic appraisal delivery, Fannie Mae is updating the 2000-Character Loan Delivery File Format. Knowing that many lenders are currently working on updates to the delivery format to accommodate other mortgage loan data requirements (as noted in Announcement 09-11 and revised by a recent Selling Notice dated October 6, 2009), Fannie Mae is advising lenders of the new data element that will be required to support electronic appraisal submissions.

New Delivery Field
The Document File Identifier is a 10-digit alphanumeric data element that will be assigned by the Collateral Data Delivery (CDD) system, Fannie Mae’s application that will be used for electronic appraisal data submissions. A unique identifier will be assigned at the time the electronic appraisal report data is successfully submitted to CDD, and will allow the lender to retrieve submission results and findings and make updates or corrections to the submitted appraisal data in CDD.
The lender will be required to deliver the Document File Identifier in a new field – Appraisal Document File Identifier – in Loan Delivery to enable Fannie Mae to match the delivered loan to the electronic appraisal in CDD. The updated 2000-Character Loan Delivery File Format and the corresponding Field Definitions documents are available on eFannieMae.com. Refer to field number 148 for additional information about delivery of the identifier.
Source : Fannie Mae - Electronic Appraisal Delivery Update - 11/4/09

 

[moh malekpour]

I thought lenders were supposed to include appraisal report in any loan document that needed such report and deliver the whole package in one file to Fannie. Are they requiring that lenders should send appraisal reports in separate files with this new format CDD? I think this is the leders job to have the coverting software that converts appraisal reports to CDD format for delivery to fannie. I hope they are not asking appraisers to get that converting software otherwise it would be an extra cost. It doesn't say what is that for but my guess is that it is possibly for their statistics system.