What is AI Ready ?
AI Ready is a certification given to 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. Before the creation of the AI Ready Standard, there was no industry standard for either appraisal transmission or storing appraisal data. FNC’s Open Appraisal Document Interface (OADI) was designed as an interface specification for the transfer of proprietary appraisal data formats into the open AI XML (part of AI Ready ) standard and vice versa. The interface provides appraisal document software companies with a simple process for translating their data into the standard format (through a common application programming interface (API)). With several years experience, most mortgage lenders, appraisers,
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 FNCs 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.
