Join us for a free webinar, “Fannie Mae value acceptance + property data: Review and Outlook for 2024” this Thursday, October 12th at 1:00PM Central / 2:00PM Eastern. Register today!
Join Eric Tsai, CEO of Asteroom, Justin Alexander, Director of Collateral Strategy & Innovation at Fannie Mae, Karl Trajcevski, Senior Vice President, Director of Sales Operations at Mutual of Omaha, and Kerianne Brown, Vice President for Client Services at Valutrust, as they discuss how value acceptance + property data works, and the advantage it can bring to the residential mortgage industry.
Don’t miss this opportunity to hear from a panel representing Fannie Mae, Lenders, AMCs, and Technologists to gain valuable insights on how to navigate the changing landscape of appraisal modernization. Join us Thursday as we discuss these topics and more:
- Why did Fannie Mae roll out the new value acceptance + property data program?
- How is the value acceptance + property data offering (waiver + inspection) different from the traditional value acceptance program (waiver without inspection)?
- What are the benefits brought to lenders and borrowers who are taking advantage of this program today?
- What are lenders’ key considerations in adopting the new value acceptance + property data offering?
- What technology is being used to help ensure the quality of Property Data Collection?
- How is Fannie Mae thinking about the future of appraisal modernization?
Plus, check out this exclusive interview that Appraisal Buzz had with webinar host Eric Tsai, CEO of Asteroom, as well as Justin Alexander, Director of Collateral Strategy & Innovation at Fannie Mae.
Appraisal Buzz: Why is the value acceptance + property data rollout important for today’s industry?
Justin Alexander: Fannie Mae is on a journey of continuous improvement to make the home valuation process more efficient and accurate. We’re transitioning to a spectrum of options for establishing a property’s value, with the option matching the risk of the collateral and the loan transaction. Value acceptance + property data is our newest option that rolled out in April of this year. It expands the key benefits of value acceptance to more borrowers while obtaining current subject property characteristics to mitigate risks related to safety, soundness, structural integrity, and property eligibility. This benefits borrowers with lower costs, greater certainty around value, faster loan approval, and more objectivity.
Appraisal Buzz: What are the most common misconceptions that lenders and appraisers have about the value acceptance + property data program?
Justin Alexander:
- Misconception: Some people say we are retiring appraisals all together. Fact: Most loans will continue to get appraisals.
- Misconception: That appraisers are not allowed to complete property data collection. Fact: The appraiser skill set is well-suited for property data collection.
- Misconception: Our published list of property data collection service providers is closed. Fact: We continue to add new vendors and accept new applications.
- Misconception: This is a broad launch of hybrid appraisals. Fact: Hybrid appraisals are only allowed in exceptional situations and to some lenders in the pilot program.
Appraisal Buzz: What do you see as the future of valuation in the next 10 years?
Justin Alexander: Uniform Property Dataset will launch in December of this year. The new Uniform Appraisal Dataset is expected to launch in 2025. We’re all in on data standardization to fuel more factual, objective, accurate, and reproducible home valuations. We think we will see 3D scan, machine generated floorplan, and image recognition technologies play a big role in the years to come. The US housing market is cyclical, and volume should return at some point. When it does, it will be important to have these appraisal alternatives operational to relieve some of the burden we’ve seen on traditional appraisals in the past.
Appraisal Buzz: Why is 3D scanning technology critical for appraisal modernization?
Eric Tsai: 3D scanning technology can be used to create digital twins of properties, and enables revisits of the properties at anyone’s fingertip. The QC team of the property data collection company and the AMCs can use the digital twins to ensure all the data is property captured. Here’s a very good example – a very common challenge that traditional 2D data collection companies face is when the QC team finds photos for a specific room or features missing, and the data collector has to go back onsite to capture the missing photos. This not only slows down the process, but also troubles the borrowers and listing agents for granting access again. However, when there is a 3D digital twin, any photos can be instantly captured inside of the scans and attached to the report without having to revisit the property.
You won’t want to miss this webinar on “Fannie Mae value acceptance + property data: Review and Outlook for 2024” this Thursday, October 12th at 1:00PM Central / 2:00PM Eastern. You can register here!
