frequently asked questions
What is AI Ready?
Appraisal Institute Ready (AI Ready) is a designation given to those forms software packages that are consistent with the Appraisal Institute's Residential Data Storage and Transmission Standard. AI Ready allows your appraisers to download order information from AppraisalPort directly into their appraisal report. Used in conjunction with FNC’s Collateral Management System® (CMS®), AI Ready also allows you to receive completed reports in a format that can be automatically reviewed to analyze key data fields and assess the collateral risk you might assume, shaving days off of the typical turn around time of the loan process.
Further information regarding the features and benefits of AI Ready can be found here.
Which forms packages are AI Ready?
Every major forms software package in the U.S. currently offers an AI Ready version of their software. You can see which forms and functionalities are offered in each forms package by viewing the AI Ready forms vendor matrix.
What do we need to be able to receive files in the AI Ready format?
AI Ready files are received and processed through FNC’s Collateral Management System®™ (CMS®). AppraisalPort®, FNC’s collateral service portal for appraisers, transmits data to the CMS according to the AI Ready standard. As the channel through which lenders order, track, communicate with and receive completed appraisal reports from appraisers, the AppraisalPort-CMS pipeline enables your staff to manage collateral procurement and processing via a single, secure platform. The datacentric infrastructure automates approximately 80 percent of appraisal processing, leaving 20 percent – the exception cases – to human review.
For further information on FNC’s Collateral Management System, please click here.
What are the OADI Envelope Uploader and OADI Downloader?
FNC created the Open Appraisal Document Interface, or OADI, which allows forms software to communicate with a “middleman agent.” The “middleman agent” is software provided by FNC that translates to and from the common AI Ready XML format. OADI also provides communication interfaces with FNC’s collateral service portals (AppraisalPort®, Data Express, etc.). The first of these interfaces is known as the OADI Downloader and allows appraisers to receive orders through AppraisalPort® directly into their forms software. The second OADI interface is known as the OADI Envelope Uploader and allows your appraisers to upload their reports to you in the AI Ready format allowing for automatic review and archival extraction of the report data.
Why can't we just receive an Adobe Acrobat (PDF) file?
While an enhancement over a paper file, an Adobe Acrobat (PDF) file is simply an image file. It will not allow you to realize the significant processing efficiencies that come with using AI Ready as it requires report information to be manually entered into your CMS®. This manual re-entry of data slows the loan process greatly and the possibility for error in re-entry exists. By receiving AI Ready reports, appraisals are automatically reviewed, analyzing key data fields and assessing collateral risk.
What is AppraisalPort®?
AppraisalPort® is a secure, web-based work site where appraisers receive orders, send completed reports and communicate with their clients. An integrated component of FNC’s Collateral Management System® (CMS®), AppraisalPort acts as the channel through which you order, track, communicate with and receive completed reports from appraisers. The AppraisalPort-CMS pipeline enables you to manage collateral procurement and processing via a single, secure platform. The result is a pipeline that streamlines vendor services procurement, eliminating costly and time-consuming human intervention. The automated procurement process allows your personnel to focus on value-added activities such as quality control, rather than administrative duties such as faxing and data-entry.
What is the difference between using AppraisalPort with AI Ready and e-mail?
There are two major differences – processing efficiency and security. You can automatically process an AI Ready appraisal report received from AppraisalPort® without the need for manual review. AI Ready drastically reduces the turn around time for the entire loan process. With e-mail, you are merely receiving a file attachment. Theoretically, the report could have been opened or read by anyone, in transit or at the end-point. Since AppraisalPort is a component of an integrated collateral management system, reports are sent directly from the appraiser’s computer to your CMS for processing. The report, as well as any communication passed between you and your appraiser via AppraisalPort, is sent on a secure https platform and can only be accessed by those parties with permission within the management system to view that information.
For more information on AppraisalPort, please visit www.appraisalport.com.