It has been seven months since Freddie Mac’s rollout of ACE+ PDR (automated collateral evaluation plus property data report). It’s the newest addition to a growing number of collateral valuation options being driven by appraisal modernization efforts.
Join Eric Tsai, CEO of Asteroom, and Scott Reuter, Director of Valuation and Single-Family Chief Appraiser at Freddie Mac, as they discuss how ACE+ PDR works and the value it can bring to the industry. They’ll focus on addressing common misconceptions and questions lenders have raised since its rollout, as well as provide some guidance on adopting technology, setting up processes and implementing training to take advantage of the efficiency and affordability of ACE+ PDR.
Don’t miss this opportunity to gain valuable insights on how to navigate the changing landscape of appraisal modernization. Scott will also shed light on potential use cases of PDR in other products Freddie Mac is researching and testing. Register today!
Plus, check out this exclusive interview that Appraisal Buzz had with Eric Tsai and Scott Reuter leading up to tomorrow’s webinar.
Appraisal Buzz: What is your background in the industry
Eric Tsai: I am the CEO and Co-founder of Asteroom, industry’s first and only 3D tour and property data collection service powered by a network of real estate agents. In 2019, I left my previous role as a Data Scientist at Facebook and founded Asteroom after seeing the needs of an easy to use and inexpensive 3D tour creation platform for realtors to use with their smartphones. In the past 3 years, Asteroom has helped over 25,000 realtors in the US create 3D tours and floor plans, and publish them to MLS and consumer portals in lieu of open houses. To expand its product offering to support GSEs’ appraisal modernization efforts, Asteroom has recruited over 5000 of its realtor users and formed a nationwide 3D tour and property data collection network. Asteroom’s mission is to provide appraiser, lenders and the GSEs confidence and transparency in the process of property data collection by including a 3D digital twin in every report.
Scott Reuter: I am the Single-Family Chief Appraiser and Director of Valuation for Freddie Mac in McLean, Virginia. I’m a State Certified-General Appraiser, and have over 30 years of experience in valuation, appraisal and collateral risk management concerns. Our team at Freddie leads the effort for ongoing development and refinement of property valuation risk management strategies; underwriting products, and establishing and maintaining a credible quality assurance process across multiple lines of business support. My team interacts with both sellers/clients as well as stakeholders across the appraisal industry to reinforce Freddie’s appraisal quality requirements.
Buzz: What is ACE+PDR and the latest trend in appraisal modernization?
Scott: ACE+PDR is an inspection-based waiver that was rolled out by Freddie Mac in August 2022.
Buzz: What are the most common questions and misconceptions that you will be addressing?
- “What are the differences between lender reviews for ACE+ PDR and traditional appraisals?”
- “How would Freddie Mac recommend lenders review PDRs?”
- “What actions are lenders expected to take when adverse property conditions are reported? “
Buzz: Why should lenders and appraisers attend this webinar?
Since the rollout of ACE+PDR in August 2022, Eric and Asteroom have been working with more than 50 AMCs and lenders that have been actively learning how to take advantage of the speed and efficiency of ACE+PDR. Eric has consolidated a lot of great questions that were raised by lenders and appraisers during the past 7 months, and will be having an in-depth discussion on them with Scott Reuter. From there, Eric and Scott will also discuss the future of appraisal modernization, and what the industry can expect from the Freddie Mac in its continuous innovation in its appraisal product offerings.
Make sure to join our upcoming webinar, “Freddie Mac ACE+ PDR: Collateral Evaluation Driven by Modernization” with Eric Tsai and Scott Reuter on March 7th at 12:00PM Central. Register today!