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).
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
Sarah Vetault of Tucson, AZ - www.ComplineGroup.com 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?