Mortgage tech company Xactus announced that its valuation solution Appraisal Firewall X has met federal requirements and is capable of fulfilling Fannie Mae property data collection orders.
Appraisal Firewall X connects mortgage lenders with vetted and trained property data collectors to deliver the value acceptance + property data and hybrid appraisal solutions, the company said in a release.
Fannie Mae’s value acceptance + property data extends an appraisal waiver as long as property data is gathered by a vetted and trained third party and a floor plan is delivered to a desktop underwriter.
Hybrid appraisals require a vetted and trained third party to inspect the property and gather data — including a floor plan — and deliver it to a licensed appraiser for a desktop appraisal. Xactus Appraisal Firewall X provides data for both processes.
Xactus also supports Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report).
Freddie Mac’s ACE + PDR program and Fannie Mae’s Value acceptance + property data were designed to increase efficiencies for all stakeholders and lower costs in comparison to traditional appraisals while maintaining the high-risk mitigation standards employed by the government-sponsored enterprises (GSEs).
“At Xactus, we are focused on advancing the modern mortgage and prepared for the future of appraisals,” Shelley Leonard, president of Xactus, said in a statement. “We believe that Fannie Mae’s value acceptance + property data initiative as well as Freddie Mac’s ACE + PDR program will produce a better, more streamlined process for lenders and consumers.”
Fannie Mae’s program is part of its ongoing efforts to modernize the valuation component of the mortgage industry. Upon submitting a subject property to desktop underwriters, the lender will receive a notification indicating the process for which the property qualifies.
Broomall, Pennsylvania-headquartered Xactus, founded in 1928, has over 6,500 clients ranging from the largest bank and non-bank mortgage originators to credit unions and mortgage brokers.
