Magazine article Mortgage Banking

FNC Endorses Fannie Mae Electronic Appraisal Delivery Initiative

Magazine article Mortgage Banking

FNC Endorses Fannie Mae Electronic Appraisal Delivery Initiative

Article excerpt

Oxford, Mississippi-based FNC Inc., in response to inquiries from its mortgage lender and appraiser clients, said it fully supports Fannie Mae's Announcement 09-14. The announcement requires lenders to submit electronic appraisal data when selling loans to Fannie Mae.

FNC believes initiatives such as 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[TM]. These lenders' systems can automatically create and deliver the MISMO XML appraisal data to Fannie Mae.

"Clients who use FNC's Collateral Management System[TM], Collateral HQ[TM] or AppraisalPort[R] systems to manage their loan origination processes should not be affected when the new rules take effect," said Neil Olson, FNC chief legal officer. …

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