Global DMS, a developer of Web-based appraisal process management software, has upgraded WebForms, its forms creation technology, to include the government-sponsored enterprise (GSE)-compliant MISMO XML 2.6 GSE format. Global DMS will continue to provide all standard appraisal forms at no cost—this includes the updated MISMO XML 2.6 GSE formatted forms, which are available immediately.
MISMO XML 2.6 GSE is a unique data format that will be required by the GSEs for appraisal data that is delivered to Fannie Mae and Freddie Mac as of March 19, 2012, for loans originated on or after Dec. 1, 2011. Some investors, however, will require appraisal data to be submitted in this new format as early as September 2011.
MISMO XML 2.6 GSE conforms with the Uniform Appraisal Dataset (UAD), which standardizes key data points within an appraisal report to help ensure consistency in appraisal reporting. It is also the required format for submitting appraisal data through the Uniform Collateral Delivery Portal (UCDP), the data delivery portal that lenders, appraisal management companies and appraisers will be required to use when submitting electronic appraisal data to the GSEs for all conventional mortgage loans for which an appraisal report is required. Neither the UCDP nor the UAD will accommodate PDF files. In order to be compliant, appraisal data must be delivered in MISMO XML 2.6 GSE format.
With WebForms, all MISMO XML 2.6 GSE-formatted appraisal forms will also include a PDF file of the appraisal data within the MISMO XML 2.6 GSE file, as required by the GSEs.
“Lenders and AMCs need to know that there’s a deadline is right around the corner—some investors will require the new format in just a couple of months,” said Vladimir Bien-Aime, president of Global DMS. “Early adoption is the key to compliance once the deadlines are in effect. All of our standard WebForms have always been available at no cost, and that includes the new GSE-compliant forms. We’re also offering special $1 pricing for submission through the UCDP. We’re encouraging lenders and AMCs to take advantage of this pricing to ensure they're ready before the mandate is enforced.”
