ACI has announced the release of a new Appraisal Reader powered by Appraisal.com. The new technology helps lenders and reviewers view and validate appraisal reports prepared by any appraisal software vendor that supports the new MISMO XML format. Appraisal.com is an ACI brand that serves the appraiser and lender communities. The Appraisal Reader is compact and provides mortgage professionals with a critical tool to conduct a review while keeping all the components of the appraisal report intact. The review is performed using ACI’s PAR Logic rules, a comprehensive library that checks the appraisal report for compliance. Custom client-specific rules can also be applied on demand using PAR Logic to highlight errors and omissions.
The Uniform Appraisal Dataset (UAD) information embedded in the PDF appraisal report is also available in a concise, organized manner using the QuickView Summary Report within the Appraisal Reader. The QuickView Summary Report presents the UAD information in a form and helps streamline the review and validation process prior to submission to the Uniform Collateral Data Portal (UCDP).
“With the advent of the UCDP, ensuring regulatory compliance before submitting appraisal reports to the portal is increasingly important for lenders and appraisers,” said Dave Roberts, president of ACI. “We’ve developed a sophisticated, yet free, solution that enables lenders, credit unions, and community banks to easily view and validate MISMO XML appraisal reports using Appraisal.com technology.”