May 11, 2023

Fannie Mae's Property Data Collection and Its Impact on the Industry

How the new PDC standard will change the industry.

Fannie Mae's Property Data Collection and Its Impact on the Industry

What the New PDC + Value Acceptance standard means for Property Valuations

Fannie Mae is introducing a significant change to the valuation process with the upcoming launch of their Property Data Collection (PDC) initiative.

This new approach, as part of Fannie Mae's Valuation Modernization, aims to streamline the appraisal process and provide alternatives to traditional appraisals. Starting April 15th, lenders will have access to new options, including Value Acceptance + data, which can expedite the loan process and potentially reduce costs.

What is the Property Data Collection (PDC)?

The PDC is the backbone of Fannie Mae's new appraisal structure.

It involves collecting accurate and up-to-date property data, such as floor plans and geotagged photos, which can be gathered by various vendors, including realtors, photographers, and notaries.

The data can then be verified by the lender or escalated to a remote appraiser through the PDART portal from Fannie Mae.

For Lenders

Lenders can benefit from the new PDC standard by offering a more efficient and cost-effective alternative to traditional appraisals. By implementing a PDC solution, lenders can potentially reduce their reliance on appraisers and stay competitive in the market.

It is crucial for lenders to understand the changes brought by the PDC standard and strategize an implementation, whether through their existing app or with a standalone app like Value-Acceptance.

For Appraisers

While the PDC initiative may seem to bypass appraisers, it's essential to recognize that appraisers can still play a crucial role in the valuation process. Remote appraisers can verify and analyze the collected data in the PDART portal, ensuring that the property data aligns with the lender's requirements. Appraisers may need to adapt to new technologies and processes to maintain their relevance in the industry.

For Realtors

Realtors can also benefit from the PDC initiative, as they may participate in the data collection process. By providing accurate property data, realtors can contribute to a more streamlined appraisal process and help expedite the loan approval process for their clients. To take advantage of this opportunity, realtors should familiarize themselves with the new PDC standards and consider partnering with technology providers, such as DottyAR, to assist in the data collection process.

To learn more and find out how you can adapt to this new opportunity, book a time with the Value Acceptance team.

Tom Spencer

Tom Spencer

Sales Manager

Tom is a proptech and SaaS founder dedicated to transforming the way property data is collected, shared and used across the industry.