Fannie Mae Announces Electronic Appraisal Requirements

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.”

  1. Gary Crabtree

    This is just another way of “screwing” the appraiser who gathers the factual data and reports it. Now they are able to “strip” the data into their databases for AVM modeling with more accurate data. The loser, once again its the appraiser.

  2. Scott

    The people on the short end of the stick are always the appraisers when Fannie/Freddiw makes a change. How about looking into the the new AMC’s that have sprung up and their so called ‘independence’. They pressure us more than mortgage brokers ever did! Time for a career change…

  3. Edward Hadnott

    Its a repeat of the S & L Crisis in the 1980s. The appraiser gets the blame, and an increased work load.

  4. Edward Hadnott

    Its a repeat of the S & L Crisis in the 1980s. The appraiser gets the blame, and an increased work load.

  5. Appraisers only do it to themselves. More concerned about their track record than objectively reporting “current” market value, they use their personal opinion about the direction of markets to report “future” expected values instead. With so many lowball appraisals circumventing the recovery of the housing market, not to mention artificial interference in a free market that stifles peoples housing aspirations, it is little wonder that alternatives are being sought. Shame on those whiners who long complained about pressure from agents/lenders. Since they want to operate in a vaccuum and ignore the often helpful information real estate practitioners can provide, they shouldn’t be surprised that there’s going to be another universe outside their self constructed vaccuum vessel.

  6. Steve

    The banking industry, with the assistance of the federal government, is simply doing the same thing to appraisers that has happened to brokers. Eliminating them. Computers will evaluate property in the near future all for a low monthly subscription fee.

  7. As a General Appraiser in the state of Illinois I feel this is another example of unnecessary intervention by the Government since the people are now the shareholders of Fannie Mae. The appraiser gathers the factual data and analyzes and structures this data in a reports form that would include personal pictures of the interior that will allow for extraction and the ability to reformat personal data by Fannie Mae that could be used by others without permission of the homeowner to commit burglary, identity theft and other crimes.

  8. Ronald L. Frazier

    Again and again. If Fanniemae could have their way, they would no away with an appraisal. Nothing has changed, but a new addendum, management companies control fees. State regulation of appraisers is terrible. Who is going to help the professional good appraiser.