Veros Gets Compliant with Fannie on Electronic Data
On the heels of Fannie Mae's (FNM) new appraisal standards, requiring that all appraisal reports be submitted electronically into the Mortgage Industry Standards Maintenance Organization (MISMO) database, Veros Real Estate Solutions announced its full compliance with the regulation. Lenders using Veros' Valuation Risk Management (VRM) system for internal ordering, tracking and reviewing of appraisals will now have a direct and seamless connection to deliver those appraisals electronically to Fannie Mae, the solutions provider said Monday. While lenders can choose to individually submit appraisals via Fannie Mae's Web portal, Veros' platform will provide direct MISMO integration with the Fannie Mae system to facilitate the electronic flow of data. "Veros' seamless integration and automatic delivery of appraisal data will save the lender time, money, and avoid potential transmission errors," the company said. Fannie Mae's new appraisal regulations will go into effect in early 2010. Write to Kelly Curran.