Fannie Mae is changing the requirements for submitting four Fannie Mae loan application report types. In addition to the traditional report narratives, lenders will be required to submit a new standard data set in an XML format. Fannie Mae will also be accepting .csv files.
This move impacts every firm hired by Fannie Mae DUS® Lenders to inspect commercial properties and submit detailed technical property and environmental reports, including thousands of environmental consulting firms.
These report providers need to move fast:
*Quire also provides data in JSON format where required.
If you are using Word, then the supplemental XML file is a cumbersome add-on. Fannie Mae does offer an Excel sheet for DUS Lenders to use; however, this sheet doubles work – vendor estimates range from 20 to 90 additional minutes per report will be necessary. Most firms will not be able to raise their report fees to cover this additional expense.
There is a better, easier option. When using Quire’s report writing solution, our Users can easily export the supplemental XML file in a few clicks and within about 3 to 5 additional minutes per report. Your outputs are guaranteed to be compliant and the necessary steps are very intuitive.
Data Standardization compliance is just one of Quire’s benefits. Our best-in-class technical report writing solution helps you optimize the data collection, writing, tracking, and management of all your report-writing projects, no matter how many people are collaborating.
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