EDI for transmitting appraisal reports became popular in the

EDI for transmitting appraisal reports became popular in the

• A. Late 1990s
• B. Early 1980s
• C. Mid 2000s
• D. 1990s

Answer: (A)

Electronic Data Interchange (EDI) allows appraisal reports to be sent between lenders, appraisers, and AMCs in a standardized, machine-readable format. This reduces manual handling, speeds up submission, and lowers the chance of transcription errors, which is especially valuable in the underwriting process. The late 1990s were a key period for this shift because the mortgage industry had begun adopting standardized data formats and building the network infrastructure needed for electronic transmission. A combination of mature computer networks, the push for faster loan processing, and the availability of workable EDI standards made exchanging appraisal information electronically practical and cost-effective. Earlier decades lacked widespread standards and infrastructure to support smooth, large-scale electronic exchanges, and by the mid-2000s new web-based and XML approaches were supplementing or replacing some EDI workflows. So the late 1990s is the period when EDI for transmitting appraisal reports became popular.

Electronic Data Interchange (EDI) allows appraisal reports to be sent between lenders, appraisers, and AMCs in a standardized, machine-readable format. This reduces manual handling, speeds up submission, and lowers the chance of transcription errors, which is especially valuable in the underwriting process.

The late 1990s were a key period for this shift because the mortgage industry had begun adopting standardized data formats and building the network infrastructure needed for electronic transmission. A combination of mature computer networks, the push for faster loan processing, and the availability of workable EDI standards made exchanging appraisal information electronically practical and cost-effective. Earlier decades lacked widespread standards and infrastructure to support smooth, large-scale electronic exchanges, and by the mid-2000s new web-based and XML approaches were supplementing or replacing some EDI workflows. So the late 1990s is the period when EDI for transmitting appraisal reports became popular.