Class Valuation, a tech-enabled appraisal management company, has successfully completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution.
Class will complete these data collection orders through Property Fingerprint, Class Valuation’s 3D Scanning technology, which has produced tens of thousands of property data collections to date. Property Fingerprint’s comprehensive data collection and reporting process are not only built to support programs like ACE+ PDR, but also support desktop and hybrid appraisal processes providing streamlined cycle times, saving more than two days on average nationwide, and reducing revision rates by 85%.
Set to roll out this July, Freddie Mac’ ACE+ PDR solution is a new offering that allows lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. With ACE+ PDR, additional property information is physically collected on-site by trained data collectors and/or data collection technology using the Freddie Mac PDR dataset, in lieu of an appraisal.
The data set requirements to participate are very comprehensive and Class Valuation’s Property Fingerprint Report provides lenders everything they need to leverage this new and exciting product.
ACE+ PDR offers an expedited valuation solution to help lenders get to the closing table faster and with greater certainty. Lenders who are interested in participating in ACE+ PDR must work with a provider who can fulfill these requirements.
“Property Fingerprint is the only 3D scan technology utilizing virtual inspection to collect comprehensive, standardized, and repeatable data collection,” said Scot Rose, Chief Innovation Officer at Class Valuation. “We are thrilled to be leading the way and enabling our partners to take advantage of these new and exciting programs like ACE+ PDR, desktop, and hybrid appraisals.”
Class Valuation is dedicated to making this technology universally available. Lenders who might manage their own panel, or providers who need access to this advanced technology can either simply order the Property Fingerprint report for use in their own process or license the technology and perform the data collection with their own providers.
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