Appraisal Modernization

Appraisal Modernization represents an effort to move the current appraisal process into the future while continuing to ensure the integrity of the appraisal process.  It involves leveraging technologies, data, and analytics to enhance the management of collateral risk, making the process more efficient for everyone, including lenders, borrowers, appraisers, and secondary-market investors.

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Benefits

  • Reduce Origination Cycle Time
  • Reduce Borrower Costs in Some Cases
  • Provide Operational Simplicity and Certainty

Resources

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Why NAN for your Appraisal Modernization needs?

Sweeping changes are occurring across the real estate lending markets and NAN has recognized the need to pivot accordingly, invest in technology, and ALWAYS be….one step ahead. We are prepared to lead the way as the premiere AMC ready to provide our valued lending partners a robust appraisal modernization product offering that combines cutting-edge technology with the personalized top-notch customer service that NAN is known for in the traditional product appraisal space.

Appraisal Modernization Products & Solutions

Desktop Appraisals

The Fannie Mae/Freddie Mac Desktop was released in March 2022. This is a full valuation completed by a Licensed or Certified appraiser. However, the appraiser does not visit the property site and instead obtains the data necessary to complete the valuation through available data sources such as MLS and Public Records. Both Fannie Mae and Freddie Mac require a Floorplan with interior walls be included in the final report.

Value Acceptance + Property Data

The Fannie Mae Value Acceptance + Property Data extends value acceptance (appraisal waiver) benefits to more borrowers while identifying current subject property characteristics including condition. Benefits include: Reduces origination cycle time and may reduce borrower costs, promotes safety / soundness by obtaining current observation of the subject property, and provides operational simplicity and certainty at application.

Freddie Mac ACE+ PDR

ACE (automated collateral evaluation) is a Freddie Mac appraisal waiver solution and NAN is a verified software partner for the PDR (Property Data Report) solution. ACE+ PDR 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 using the Freddie Mac PDR dataset, in lieu of an appraisal.

Fannie/Freddie Hybrid 1004/70H

The Fannie Freddie Hybrid 1004/70H is an appraisal assignment for which the scope of work includes reviewing a recent report containing an interior/exterior standardized property data report that has been performed by a third-party inspector in lieu of the appraiser performing a personal inspection. Eligibility is in the pilot phase right now, but NAN is ready to assist once the Fannie Freddie Hybrid 1004/70H is fully rolled out.