Announcement 09-14: Electronic Appraisal Reports, Enhancements to the Loan Delivery File Format, and Mortgage Fraud Reporting, states that effective March 1, 2010, Fannie Mae will require the submission of electronic appraisal reports in the MISMO XML standards. Fannie will support conversion from other XML standards to MISMO XML. Further instructions will be announced in the fourth quarter of 2009.
Fannie Mae previously released Announcement 09-11, which includes changes to the loan delivery file and Form 1003 as required by the Federal Housing Finance Agency.
In the coming months, Fannie Mae said it will announce a series of other policies intended to improve loan quality. This will include 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.”