what does ai ready mean to you, the lender?
In short, efficiency and access. Appraisal data delivered via AI Ready is XML-based and follows the standard set forth by the Appraisal Institute. By incorporating AI Ready appraisers into your workflow, you can expect to cut days and dollars out of the origination process, translating into faster turnaround, happier borrowers, and of course, an increase to your bottom line.
But the benefit to your institution continues long after the appraisal has been performed and the loan has closed. AI Ready delivered appraisal reports are datacentric (that is, the information itself is stripped from the report and streamed into your back office collateral information infrastructure). This allows the data (the information you need for analytics, reporting and portfolio management) to be available independent of form moving forward. Not to mention the fact that your staff will rarely, if ever again, need to re-key a single data element.
An integral element of FNC’s end-to-end Collateral Management System® (or CMS®—for more information on the CMS, click here), data submitted using AI Ready travels securely from the appraiser’s desktop straight to yours. And the pool of possible providers is mammoth; today, every major forms vendor supports the AI XML data standard to one level of compliance or another. All have integrated FNC’s own Open Appraisal Document Interface (OADI) into their packages, allowing for the seamless upload and download of data to and from the appraiser’s forms software. In addition, the newest release of the OADI Uploader incorporates groundbreaking Digital Credential™ technology, adding authentication of an appraiser’s identity, the integrity of the document, and the status of the appraiser’s license or certification. All of which adds up to a faster, more secure and efficient origination process—with the untold additional benefit of instantaneous access to your collateral data, your most precious untapped resource.