Property Valuation
Value Acceptance + Property Data Lender Checklist
LOS Configuration
Ensure that your LOS is configured to order, track, and receive property data collections.
- Add new valuation product- i.e., Property Data Collection.
- Capture and orient to new Desktop Underwriter messages that support value acceptance + property data.
- 3709 — Value-Acceptance-Plus-Property-Data-Eligible
- 3713 — Value-Acceptance-Plus-Property-Data-Complete
- Ability (optional) to receive Property Data ID back from valuation service provider.
- Evaluate/Leverage Property Data API Integration.
- Evaluate/Leverage use of Property Data API Review Tool (PDART).
Training
Ensure your staff is prepared to order and review property data collections.
- Train loan officers on how and when they can order a property data collection for a value acceptance + property data eligible loan casefile.
- Train loan officers on differences between value acceptance vs. value acceptance + property data.
- Train staff (underwriting, quality control, processors) on how and when to review a property data collection that has been provided by your service provider network.
- Train staff on understanding how and when a 1004 hybrid appraisal may need to be ordered.
- Train underwriters on how to identify and manage repair items.
- Review the Appraiser and Property Data Collector Independence Requirements.
Service Provider Network
Ensure that your service provider can provide property data collections that support your business.
- Identify service providers that offer property data collections.
- Understand each service provider product offering (field services, handheld app, API integration, hybrid appraisal).
- Ensure assignment and coverage logic.
- Understand who is submitting to the Property Data API and when.
Order Fulfillment
Prepare to review-and review the reviewer-in a manner that is cost and risk effective.
Review
Property data collections are a new product that you will need to operationalize.
- Understand review obligations that are assigned to and performed by service provider.
- Understand review obligations that are assigned to and performed by you, the lender.
- Review the property data collection to confirm that the property is eligible collateral for loan sale to Fannie Mae, or stipulates repairs as needed.
- Define how the lender will process property data upon receipt (receive, review, deliver).
- Monitor service provider performance through quality control.
Loan Delivery
Guidance on loan delivery when value acceptance + property data is used.
- Refer to the Delivering a Loan Without an Appraisal job aid on the Fannie Mae Loan Delivery website.
