If your company has been asked to provide an “XML deliverable” by your Lender Clients, you’ve come to the right place. Quire has answers to common questions around these XML requests as well as an innovative solution Quire Users can implement in minutes!
Quire provides XML solutions for the upcoming Fannie Mae Data Standardization and the CLOSER platform requirements.
No. Lenders using CLOSER and Fannie Mae will be requiring a supplemental data deliverable (the XML file) in addition to these reports. Note that the Fannie PCA will continue to require a complete 4099 form as well.
XML is a file format that was designed to store, transport, and arrange data – but not to display it. It is often used when data sets require a more restrictive set of rules to drive consistent values.
Depending on how you write reports, there are two primary ways. If you write reports with:
Yes. The amount of time will depend on what software you are using. Quire estimates that it will take Users of their platform about three to five additional minutes per report. Vendors using Word and Excel have stated that depending on the report type, it takes roughly between 20 to 90 additional minutes per report.
Fannie Mae has conveyed their requirement will commence mid-2020. Note that some Lenders may request samples of the XML from their third-party vendors before this in order to ensure seamless adoption and/or identify any vendors who are not able to provide this requirement.
CLOSER XML is actively being requested by their current Lender clients.
Quire Users will have access to our fully integrated and customizable solution that generates the required XML files quickly and limits duplicative data entry.
A new page is added to the Report for reviewing and editing all fields needed to generate a valid XML data export.
Quire allows customizable mapping between XML fields and Company Report Tags for less duplicitive data entry.
One-click XML file generation completes in seconds. Quire’s proprietary validation tool flags entries that fail standardization rules for passing XML- everytime.
The following summarizes the four XML data schema mandates from Fannie Mae and the five Closer LOS updates, as well as their availability date in the Quire platform:
|Fannie Mae||PCA (Engineering)||Available Now|
|Fannie Mae||ESA (Phase I & II)||Available Now|
|Fannie Mae||Seismic||Available Now|
|Fannie Mae||Zoning||Available Now|
|Closer||PCA (Engineering)||Available Now|
|Closer||Fannie PCA||Available Now|
|Closer||Freddie PCA||Available Now|
|Closer||Phase I ESA||Available Now|
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