Fannie Mae Announcement 09-11 Requires Submission of Electronic Appraisal Reports in MISMO XML Standard

Real Estate Appraiser with Brian J. Davis & Associates

In Announcement 09-11, New Data Delivery Requirements, Fannie Mae announced changes to the loan delivery file and the Uniform Residential Loan Application (Form 1003) to accommodate new data elements required by the Federal Housing Finance Agency (FHFA).

Download Fannie Mae Announcement 09-14-Electronic Appraisal Reports

These changes are intended to result in enhanced identification and accountability of key parties in the mortgage transaction and are another step in Fannie Mae’s ongoing efforts to improve loan quality.

In the coming months, Fannie Mae will announce a series of other policies intended to improve loan quality, including the implementation of a robust collateral valuation analysis process, enhanced credit policy guidance, improvements to Fannie Mae’s quality control processes, and additional guidance on lender quality control activities.

In support of the loan quality initiative, this Announcement includes information about the following:

  • Submission of Electronic Appraisal Reports
  • Enhancements to the Loan Delivery File Format
  • Mortgage Fraud Reporting

 Submission of Electronic Appraisal Reports

Sarah Vetault of Tucson, AZ - asked on the WinTOTAL Users Group:

"I just got this announcement from Fannie Mae requiring submission of electronic appraisal reports in MISMO XML format by 2010.  I wonder what this means from our end.  Is the good old industry standard emailed PDF going bye-bye, forcing us to use slice/dice/rip-the-data portals for mortgage work?  Or will the lenders rip the data themselves out of our pdf files for submission to FNMA?  We are definitely living in interesting times. "

What are YOUR thoughts?


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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for the report. What changes will this mean for real estate agents?

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May 30, 2009 11:53 PM #1
Brian Davis
Brian J. Davis & Associates - Bloomington-Normal, IL

Roy - The MISMO XML standard has been under development (and use) for years and many participants in the lending chain are already transmitting data in MISMO.   I'm sure that we can find links to NAR's promotion of this standard for MLS systems, etc. 

The BIG EVENT is that Fannie is now designating this as the de-facto standard.  Like they just did with the Home Valuatiion Code of Conduct (HVCC) and the 1004MC - Market Conditions Addendum that ALSO primarily impact Real Estate Appraisers. 

Impact on real estate agents?  I could foresee a day when all of the existing paper documents or pdfs that are currently submited to lenders at closing (contracts, property disclosures, etc.) comply?

We'll just have to wait and see.

May 31, 2009 12:36 AM #2
Jesse Skolkin
Independent New York State Certified Real Estate Appraiser - Fresh Meadows, NY

I guess that the PDF file is going the way of the nickel subway ride - All it really means to me is that I'll be spending a couple of hundred dollars extra a year for an add-on to my appraisal software (Wintotal) in order to deliver MISMO XML reports, or whatever else they finally decide upon.  I wonder if this will be a cost I will be able to pass along to my clients.

May 31, 2009 04:48 AM #3
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