Technology Consultant: Exporting Fannie Mae Files
By Jack Trageser
I'm excited to be a new contributing author of the Technology Consultant column. Having worked for mortgage technology companies for the past 13 years, my intention is to focus on what I know best—technologies specific to our industry. Nevertheless, I look forward to answering all types of questions submitted by readers as well as some I come across in my daily interactions with mortgage originators.
Question: When I export a Fannie Mae file out of my LOS so I can import it into a lender or vendor's Web site, do I need to keep that file on my computer?
The short answer is no, because that Fannie Mae formatted file (*.FNM) is a temporary file used to get loan data from a Windows application (like Calyx Point) to a Web application, or vice-versa. Once the data is uploaded into its new location, the Fannie Mae file can be deleted. If you want a simple way to keep your hard drive free of these temporary files, here is a simple suggestion: When you export the file out of your LOS, name it the same thing every time. For instance, Calyx Point defaults this file name as “POINT,” and I just leave it as is and hit the “Save” button. When Point tells me that a file of that name already exists, and asks if I want to replace the existing file, I select “Yes.” That way I've always got only one Fannie Mae formatted file saved, and it's always the most recent one—the one I want. When I browse for the file to upload into my Web application, it's easy to find because it's the only one there.
Another question I hear often is 'Can I use a Fannie Mae formatted file even if I'm uploading it to a Web site to run LP (Freddie Mac's automated underwriting system)? The answer is yes. The Fannie Mae format has become the ubiquitous format for originators who need to get loan data between Windows and Web applications. It works for running loans through DU, LP, lender Web sites for locking and registration, and any other lender and vendor Web sites you use.
Question: What can I do to make my Web site appear higher in the list of search results when someone in my area uses Google to search for a home loan provider?
Search Engine Optimization (SEO) is the combined science and art of achieving a high ranking in Internet search engines' results through a variety of tasks involving your Web site and those of your referral partners'. All Web site hosting companies provide their own versions of software tools to help you maximize your site's potential in this regard and some also provide extensive tutorials and training material as well. Like I said, SEO is art as well as science, and it helps to understand why it works as well as how it works. For a great general overview, go to www.google.com/webmasters. Here are a couple of things to consider:
* Search Engine Optimization can be broken down into “On-Page Optimization,” (or that involving your own site), and “Off-Page Optimization,” (which involves the sites of others—mostly your referral partners).
*On-Page Optimization is all about making sure your site has content that includes the words or phrases that prospects you are targeting will likely key in at Google or another search engine. But you need to accomplish this while still writing natural, readable sentences, and you can't overload on your use of these keywords, or your site may get banned from Google. That's why I believe SEO is an art as much as a science.
*Off-Page Optimization basically means getting other Web site owners in and around your industry to add links to your site in their sites. Doing this not only increases traffic to your site, but it improves your standing in the search results as well.
Create many single-topics pages on your site, rather than a few pages loaded with too many topics. This makes it easier to incorporate relevant keywords. Sites with more content generally rank higher compared to those with less content. Consider adding one new consumer-oriented content page every week. The added benefit is that this will also make others want to link to your site, which is the other part of SEO.
If this all seems like something you are unlikely to want to tackle, you can hire someone else to do it. There are actually professional 'Search Engine Optimizers' (just do a Google search to find one), and students are always a good budget option.
The format of this column does not allow anywhere near enough space to cover this topic properly, so check out the Web sites (list courtesy of Myers Internet trainers) below for more info:
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