Bradford Technologies | MISMO Appraisal XML

VSS and Bradford Technologies Introduce a New Technology for Transmitting Appraisal Reports Using MISMO Appraisal XML

Bradford Technologies has joined forces with Valuation Support Services to get you connected to more orders. VSS supports several different companies (business lines) including Rels Valuation. Using the new open MISMO Appraisal XML format, you'll be able to transmit your appraisal reports without using proprietary formats designed to lock you down to a single vendor.

These AMCs accept reports using MISMO Appraisal XML today
Rels Valuation
Advanced Collateral Solutions
CoreLogic Appraisal Services
Prime Valuation Services

The MISMO (Mortgage Industry Standards Maintenance Organizations) Real Estate Property Information Workgroup on May 15, 2002 ratified the final version of the Appraisal and Property XML standard. You can download the LDD and DTD here or from the www.MISMO.org website.

What is XML?
Extensible Markup Language (XML) is an open standard format used for exchanging structured documents and data. It allows for easy data processing and exchange between different applications.

What is MISMO Appraisal XML?
MISMO was created to promote and support the common business interests of the Commercial and Residential Mortgage Markets. MISMO has identified two deliverables that will enable the mortgage industry to share data among trading partners: An XML architecture that encompasses data origination, secondary market and servicing data, and a data dictionary to provide business definitions and corresponding architecture data element tag names.

What does MISMO XML do for the Appraiser?
Saves time, improves accuracy, and reduces costs. MISMO Appraisal XML gives appraisers the choice, not the AMC!

Time: Appraiser receives request for appraisal via email. The request opens in ClickFORMS and automatically populates the data in the designated form or template. No need to reenter data.
Accuracy: Client requirements are run during the XML validation process. Errors are noted and the appraiser has the opportunity to fix errors prior to transmittal. This reduces phone calls after the report has been submitted.
Accuracy: PDF generated by the appraiser is what the client receives. No manipulation of data during the transmittal process.
Reduces Cost: No conversion software is required. Transmit to business partners directly through your current desktop software.
Choice: Creation of industry standard (Mismo) will eliminate the need to purchase multiple appraisal software packages. Appraisers have the right to choose the one they like best.

Rels is the first major AMC to accept an open standard and will hopefully lead the drive to move all AMCs to the new Mismo Appraisal XML standard.

New to the XML markup language and Appraisal XML? For a quick overview of XML and Appraisal XML, click here to view an article by Jeff Bradford, President of Bradford Technologies that appeared in Residential Valuation magazine.

For more information on how to get started using the MISMO XML standards and Appraisal and Property XML, please visit www.mismo.org and join the list serve.