Participating firms, which will collect appraisal data and put it through Fannie Mae’s API, include 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.
Thank you for reading this post, don't forget to subscribe!For the new Price Approval and Property Data option, third parties are authorized to do that collection on the property site, as long as the lender verifies that they have passed a background check, are “professionally trained” and that able to do the collection. This data may only be submitted through Fannie Mae’s “Property Data API”.
In a statement on Friday, Accurate Group said it has completed more than 3 million property data inspections and hybrid appraisals through its ValueNet suite of products.
Accurate Group is one of two companies under Fannie Mae’s Value Acceptance + Approved Service Providers for Property Data, which offer valuation services as well as title and closing solutions, said Paul Doman, President and CEO of Accurate Group .
Doman commented, “That’s a great statement – we are a one-stop shop for lenders that provides them with a significant advantage over their competitors.” “Our appraisal, property inspection, title and closing technologies are designed to plug into any digital platform.”
The company is expanding its affiliate appraisal management platform to digitize its real estate lending process, among other initiatives evaluation work Doman said, to include title and closing services.
Kenan Chen, Executive Vice President of Strategy and Development clean capitaltold HousingWire last week that with Fannie’s announcement the potential for modernization in the industry is huge.
“It is a standardized data collection done on the property, which brings objective, transparent data to the entire process,” he said. “I think it not only drives this program, but paves the way for a better evaluation process when an evaluation is needed.”
Appraisers, as might be expected, are wry about Fannie Mae’s new initiative.
“I encourage all appraisers to take a very serious examination of their current business model,” wrote Dave Towne, a Washington-based appraiser at AppraisersBlog.com. “Move as much valuation work as possible away from Fannie Mae now. Because if Fannie Mae keeps going, you won’t have a business in the future anyway.
One appraiser of 23 years told HousingWire that there are real questions to be asked about the credibility of the people hired to collect the data on behalf of sellers, who are real estate agents or other Fannie Mae “professionally trained.” Can be
The appraiser said, “I have found that there is a wide range of abilities when it comes to agents.” “There are too many agents who are just in the business of selling, with no real idea of what they are selling. Agents are trained to use sources such as county records for state property square footage. . I don’t believe many people would be willing to do that much work as it could cause huge problems for them. What if they miss a property that they now list?
