Class Valuation, a tech-enabled appraisal management company, today announced successfully completing the verification process for Freddie Mac’s new ACE+ PDR solution, according to a press release.
The company says the verification means it can complete ACE+ PDR (automated collateral valuation plus property data report) data collection orders when the new Freddie Mac cash-out appraisal alternative rolls out this July.
Announced in March, the ACE+ PDR solution is a new offering by Freddie Mac that will enable lenders to originate cash-out and certain no cash-out refinance loans without an appraisal. In lieu of an appraisal, additional property information is instead physically collected on-site by trained data collectors or data collection tech use a Freddie Mac PDR dataset.
Class Valuation says that through its through its Property Fingerprint system’s 3D scanning tech, it has produced tens of thousands of property data collections to date. It also says its process is built to support desktop and hybrid appraisal processes in order to provide streamlined cycle times, saving more than two days on average nationwide, and reducing revision rates by 85%”
“Property Fingerprint is the only 3D scan technology utilizing virtual inspection to collect comprehensive, standardized, and repeatable data collection. We are thrilled to be leading the way and enabling our partners to take advantage of these new and exciting programs like ACE+ PDR, desktop, and hybrid appraisals,” stated Scot Rose, Chief Innovation Officer at Class Valuation, in the release.
In other recent proptech news, Fundrise launched a $1 billion fund aimed at everyday consumers with a $10 investment minimum. ApartmentLove also announced acquiring short-term vacation rental marketing platform OwnerDirect.com.