In The NewsInnovation

Mobile App To Support Fannie Mae’s Value Acceptance + Property Data Initiative

SingleSource Property Solutions, a provider of property services supporting the U.S. housing industry, now offers data collection suites and a proprietary mobile app, SingleVue for the Fannie Mae Value Acceptance + Property Data Initiative.

By utilizing SingleSource’s data collection solutions as part of the GSE’s appraisal waiver initiative, lenders can achieve shorter loan cycle times, lower consumer costs, and an improved borrower experience.

“Historically, one of the most time-consuming parts of the loan process has been scheduling the appraisal,” said Matt Stepanovich, vice president of appraisal modernization and QC at SingleSource. “During the last refi boom, some appraisers were scheduling inspections as far as four to six weeks out, which was slowing down the entire loan transaction. As a Fannie Mae partner, SingleSource can utilize a larger pool of trained data collectors, so that property inspections can now take place in a matter of days, not weeks.”

SingleSource has been providing valuation services nationwide since 2000 and nationwide field services and inspection services since 2006.

“Over the years, we have built a tremendous panel of experienced vendors to support our wide range of service offerings,” said Ed Austin, COO at SingleSource. “This has allowed us to really hit the ground running on Fannie Mae’s new program, since we already had the people and resources in place.”

SingleSource’s products are supported by SingleVue™, the company’s new proprietary mobile application that offers a simple, user-friendly interface for quickly gathering the details and digital layout of a property. SingleVue™ features key tools from SingleSource’s leading-edge mobile data collection partnerships, including digital scans for producing floor plans. These options give SingleSource clients the best technology currently available in the valuations industry, all in one location.

“We are proud to be one of a few service providers in the program that offer a full suite of mortgage services, including valuations, title and closing, inspections, field services, asset management, and document management solutions,” said Austin. “For over 20 years, we have been supporting lenders and servicers across the entire loan cycle. As appraisal modernization continues to move forward, we are excited that our innovative offerings are being used to help transform the mortgage industry.”