Until AI Ready™, appraisers created their reports using an array of different forms and forms software packages. Consequently, mortgage lenders received the reports in a variety of inconsistent formats. Before they could perform a review, lenders had to standardize the reports manually by re-keying the information into their own loan origination systems—a labor-intensive practice that inevitably led to typographical errors that could affect the outcome of the loan.
AI Ready eliminated such errors. Using AI Ready, appraisers can continue to prepare their residential form reports with their favorite appraisal forms package, but deliver each appraisal in a single, standard format that enables their lender clients to automate the review process without re-keying the information. Using AI Ready, appraisers can also access collateral data in real time for limitless cross-application purposes.
AI Ready established an open industry standard for the transmission, displaying, and storing of appraisal data.
What is AI Ready?
AI Ready is a certification given to appraisal forms software packages, certifying that they comply with the Appraisal Institute’s residential data storage and transmission standard. All software and Web interfaces consistent with the AI Ready Standard can be marked with the AI Ready logo (under appropriate license/use agreements), indicating they can read and write to the same standard XML format. For lenders and appraisers, AI Ready means life is much simpler than before.
How it Works
AI Ready includes a standard for the storage and transmission of the data in any residential form appraisal in XML (“Extensible Mark-up Language”). Because it uses XML, any Web-based program or interface can read it and take advantage of the data. Better still, by combining the appraisal data with all of the other components found in a modern form appraisal (photos, maps, sketches, certifications, and other exhibits), an AI Ready file (sometimes called an ENV file) delivers the entire appraisal.
- First, each of the popular appraisal forms software developers have created a conversion program to convert appraisals prepared in their format into an AI Ready file.
- Second, this converter talks to the FNC Uploader that allows the appraiser to review the conversion to make sure it worked just the way the appraiser wanted.
- Finally, once the appraiser is satisfied, he or she can simply upload the new AI Ready file of their appraisal report to AppraisalPort® for secure delivery to their client.
The client then uses tools developed by FNC to read, review, and analyze the appraisal report, all electronically, saving time and effort.
- Appraisers who receive orders through AppraisalPort can have part of their appraisal assignment information downloaded directly into their software using AI Ready.
- Appraisers who use FNC’s Data Express and many of the popular appraisal forms software packages can download subject property and comparable information into their appraisal forms packages to avoid re-keying that data. In fact, appraisers can prepare some special forms directly on Data Express using AI Ready and deliver those reports directly to their clients without further ado.
All of FNC’s platforms, software, and analytic products are AI Ready.
AI Ready and AppraisalPort
Once appraisers have converted their appraisal reports into the AI Ready format, it is a simple matter to upload those appraisals through AppraisalPort to their clients. AppraisalPort is a secure, Web-based work site where appraisers receive orders, send completed reports, and communicate with their clients. AI Ready is best used in conjunction with AppraisalPort to boost efficiency for both appraisers and lenders.
When appraisers send a report in the AI Ready file format, AppraisalPort serves as a secure delivery mechanism for getting the entire report (including the data) to the client. AI Ready links you to lenders who prefer using this technology.
View the AI Ready / AppraisalPort process Flow Diagram