PR: ClickFORMS Prepared for Fannie's New MISMO XML Data Delivery Requirements

Beginning March 1, 2010, Fannie Mae will require all appraisal reports to be submitted to them electronically in the MISMO Appraisal XML format (click here). This new guideline is for lenders, the lenders will be requiring appraisers to submit their reports in the MISMO format. Fannie Announcement 09-14 FAQs

What does this mean for you — the appraiser? It means that if you submit through Lighthouse or AppraisalPort, your reports will be converted twice, with twice the chance for errors. Once when it is converted to either the Lighthouse or AIReady format and then again when it is converted to MISMO XML.

ClickFORMS has already implemented the MISMO Appraisal XML format, and so has RELS. In fact, they are the only AMC to have do implemented it in the entire country. Because they are so large, this was a major milestone in the industry.

Any time you submit a report to RELS using the ClickFORMS RELS Connection, you are using the MISMO XML format.

So what the big deal about the MISMO Appraisal XML format?

1. MISMO delivers your report exactly as you created it. Your client gets your PDF, not a conversion or translation of it like in AppraisalPort or Lighthouse. No more extra signatures or missing pages or fields from your report.
2. It's an open standard, so no one company owns it like FNC's AIReady and ACI's Lighthouse. 
3. RELS has been using it for more than a year, so it's a proven reliable standard with easy scalability.
4. The rest of the Mortgage Industry has adopted the MISMO standard and become more efficient. The appraisal industry is finally starting to see that porprietary standards are only good for the owners of those standards.

For more information about MISMO XML technology with ClickFORMS, check out our website at: http://bradfordsoftware.com/mismoxml/ .

Additional Resource: Paying To Use Your Own Bathroom: AI XML