Maintaining Data Integrity With Electronic Appraisals
To get online, Fannie and Freddie needed standards so the data can be submitted converted, easily read, sorted and compared. Fannie and Freddie have chosen first-generation PDFs and the MISMO XML format as the standard for electronic data submission.
XML is a markup language designed to allow a simple transmission of data for machine reading. MISMO (Mortgage Industry Standards Maintenance Organization) created their own custom XML to fit the requirements of the mortgage industry. It is expected that with more accurate data collected and processed under strict guidelines, Fannie and Freddie will be able to lead the mortgage lending industry in a positive direction.
Not only does the MISMO standard make it possible to transmit appraisals through the UCDP and to the GSEs, but it also enables electronic sharing of information with your partners. Learn more about MISMO XML and how it enables the MARs reporting system.
If we've learned nothing else from the mortgage debacle, we've hopefully learned to value data.
Now with standardized formats and reports, we may all be able to get on the same page with more accurate data.
Wisdom from almost two millenniums ago comes to mind:
“It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you will be imperiled in every single battle.”
- Sun Tzu; The Art of War