Lenders and appraisal management companies and other property data collection companies can now use black KnightScout mobile property inspections as part of the price approval plus property data process.
Thank you for reading this post, don't forget to subscribe!Black Knight said Tuesday that with the cloud-based Scout app, users can easily collect detailed internal and external asset data using a mobile device.
“By using Scout, lenders experience significant efficiency and cost savings as well as greater data transparency, reduced potential for bias and faster originations,” Ben Graboske, president of Black Knight Data & Analytics, said in a statement. Let’s feel the time.”
Government Sponsored Enterprises (GSE) approved six vendors following the roll-out of its new valuation initiative. The list includes some of the biggest names in the mortgage tech space – solidify, class assessment, clean capital, Mueller Services, Inc., exact group And black KnightKey Collateral Analytics LLC.
Through built-in rules, users can input specific home features and take photos based on fannie maeproprietary data requirements, the company noted. GPS tracking and other measures are collected on the borrower’s property to validate photos and data.
The update to Fannie Mae’s sales guide, which took place earlier this month and includes more options for property valuations, has sparked controversy.
Key to the new options is Fannie Mae’s Property Data API, through which Fannie has “established a property data standard and API to continuously collect data and images,” GSE said. According to Fannie, this process encourages the use of emerging technologies to capture property information, imagery and floor plans.
This is a welcome step for mortgage tech firms in the context of modernization in the industry.
“It’s a standardized data collection done on assets, bringing objective, transparent data throughout the process,” said Kenan Chen, executive vice president of strategy and development clean capital, Said. “I think it not only drives this program, but paves the way for a better evaluation process when an evaluation is needed.”
However, appraisers have expressed a desire to move as much appraisal work as possible out of Fannie Mae.
Washington-based appraiser Dave Towne wrote on AppraisersBlog.com, “I encourage all appraisers to take a very serious examination of their current business model.” “If Fannie Mae keeps going, you won’t have a business in the future anyway.”
