Freddie Mac’s ACE+ PDR has taken effect – how are appraisers going to be impacted? Join us for our upcoming free webinar on July 28th at 2 pm ET, “ACE + PDR: What does this mean to you, and what’s the future for appraisal data collection?” and learn all about this new GSE change with our hosts Joshua Walitt, industry analyst and consultant, and Eric Tsai, co-founder of Asteroom. We sat down with our hosts, Joshua Walitt and Eric Tsai, to get the inside scoop on this upcoming webinar.
Buzz: What is your background in the industry?
Josh Walitt: I’m the principal consultant for Walitt Solutions. I provide short and long-term consulting services related to valuation, education, review, and investigations. With over 20 years of experience, I hold the SRA & AI-RRS designations with the Appraisal Institute, am a member of the National Association of Appraisers (MNAA), hold a Certified Distance Education Instructor (CDEI) certificate, I’m an AQB Certified USPAP Instructor, an Appraisal Institute approved instructor, and have served on the Colorado Board of Real Estate Appraisers.
Eric Tsai: In 2019, I left my previous role at Facebook to join the real estate industry by founding the industry’s first and only 3D tour creation platform designed for real estate agents. In the past 3 years, Asteroom and I have helped over 25,000 real estate agents create 3D tours and floor plans on their smartphones while the US was going through lockdowns and COVID19. Since 2022, I’ve recruited over 5000 agents on Asteroom to be the data collectors after learning about the challenges of appraiser shortage and GSEs initiatives on appraisal modernization.
Buzz: What is Freddie Mac’s ACE + PDR?
Josh: ACE+PDR is Freddie Mac’s offering for certain refinance transactions, where a property data report (PDR) is combined with an automated collateral evaluation (ACE). The PDR reflects data physically collected by an appraiser or another data collector.
Buzz: What are some of the impacts that appraisers can expect?
Eric Tsai: The intention of appraisal modernization is not to replace appraisers, but to allow appraisers to spend more time on analyzing the properties using data that’s collected for them instead of having appraisers to spend time collecting data themselves. In the near future, appraisers may be spending a significant portion of their time in front of computers at home or anywhere they want to be. Without having to drive around to collect data, appraisers may also be able to complete more appraisals per day and earn more. However, appraisers will also have to get used to working with different kinds of data, and work with the fact that not all data collection technology and operators are up to their standards.
Buzz: In what ways is new technology impacting the future of appraisal industry in regards to this new process?
Josh: Multiple developers have created inspection apps which scan properties and generate floor plans and 3D representations of the improvements. Even outside of hybrid and desktop scenarios, some appraisers are already testing these apps and using them for full appraisals, comparing and contrasting the results to traditional tape or laser measurements. Having characteristics and scanned representations available in consistent data sets can allow appraisers, lenders, and other participants to digest and use the data more efficiently.
Buzz: Why should appraisers attend your webinar?
Josh: If the data collector is not an appraiser, how do we know they know what to identify and report during a property inspection? Freddie Mac and individual lenders are requiring data collectors to receive training regarding property characteristics, materials, components, and issues or concerns that should be identified when visiting properties. Adequate training helps ensure a degree of consistency in the collection and reporting of property data.
Eric Tsai: In this webinar, you will learn about my story of working with realtors to create Asteroom and recruiting them to be property data collectors. You will be educated on how 3D tours can provide superior quality of property data and can be presented to you in a way that is as if you were physically there at the property. Similar to how you may use Asteroom’s 3D tours to verify the data on the report, Asteroom also has an extensive quality assurance process that is looking at the 3D tours to verify data collectors’ inputs before handing the data to you and your lenders.
Make sure to join us for our upcoming webinar on July 28th at 2 pm ET, “ACE + PDR: What does this mean to you, and what’s the future for appraisal data collection?” Can’t make that time? Sign up to receive the recording directly in your inbox!