Importantly, both Value Acceptance (Assessment Exemption) and Value Acceptance Plus Property Data receive “automatic value certainty with representative and warrant relief”. A traditional appraisal, hybrid and desktop options provide price certainty and representative and warrant relief based on a collateralized underwriter score of 2.5 or less.
Thank you for reading this post, don't forget to subscribe!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,” according to its website. “The process encourages the use of emerging technologies to capture property information, imagery and floor plans.”
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 can only be submitted through the Property Data API.
Kenan Chen, Executive Vice President of Strategy and Development clean capitalsaid it is exciting for the industry to have a new option for price acceptance and property data, because “it’s a standardized data collection done on property, that brings objective, transparent data to the whole process. I think it’s not only Not only does this drive the program forward, but it also paves the way for a better evaluation process when evaluation is needed.
Fannie Mae’s website says: “This new option shortens cycle time and can reduce borrower costs, promotes security and robustness by obtaining a current overview of the subject property, and provides operational simplicity and flexibility at the time of loan application.” provides certainty.”
The standardized set of data to be presented via the API includes floor plans – a data set that has vexed appraisers, lenders and regulators for years.
“In the traditional assessment process, there are many ways to get the data. One might be using tape measures and clipboards, and then photographs are taken,” Chen said. “It creates a new data standard and requires the use of technology to capture the entire home. The entire home has to be scanned to generate a digital floorplan.”
And getting certainty faster on home appraisals is a clear win for borrowers, Chen said. “In today’s market, which is very purchase-driven, we are now seeing a two-day process here, which is faster and less expensive for the borrower. And they get price certainty beforehand, which gives them confidence in their buying decision.
Desktop Underwriter will be updated on April 15 to support these updates.
