About PDC/PDR
What is a property data collection report?
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What is a Property Data Collection Report?
The name says it all! This is a report done by a trained and vetted and background checked third party (licensed appraiser, appraiser trainee, real estate agent, etc.) that collects property data including an interior and exterior inspection, and photos. They use 3D scans to map out the property to allow a reader to virtually walk through every part of the property. The scan will also provide a square footage layout.
This inspection is strictly done for property data, and does not include property value information.
When would I use a Property Data Collection Report?
Fannie Mae & Freddie Mac recently released new products to help expedite the loan closing process. These products replace the traditional "appraisal waiver" that many are accustomed to. The term, Value Acceptance, is the new verbiage that Fannie Mae is using instead of "appraisal waiver".
Here are the new products!
Fannie Mae: Value Acceptance + PDC (Property Data Collection)
This product can be used with a Fannie Mae Desktop Underwriter (DU) approval showing Value Acceptance + Property Data Eligible.
Freddie Mac: ACE + PDR
(Automated Collateral Evaluation) + (Property Data Report)
This product can be used with a Freddie Mac Loan Product Advisor (LPA) approval showing ACE + PDR Eligible.
Home Base AMC is your one-stop shop!
Home Base AMC offers all of the approved products from Fannie Mae & Freddie Mac.
The appraisal modernization balances traditional appraisals with appraisal alternatives.
-Value Acceptance & Value Acceptance + PDR is data, model, & technology driven.
-Hybrid, Desktop, & Traditional are appraisal and value driven.
Using Home Base first will mean a cost savings if additional products are required. For example, if DU shows eligible for Value Acceptance + PDR, and that is placed through Home Base AMC and delivered, but the u/w isn't satisfied, that money already paid towards the PDR will be applied to either the Hybrid, Desktop, or Traditional appraisal depending on what the u/w requires.
