ACE

[BRCJR]

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

 

[Non Sequitur]

Dang shame appraisers are crapping their pants over ANSI but this gets nearly zero attention.

 

[CGinMN]

This is another huge change. One more effU to the indy appraiser, and big fat payday for the big AMCs.

Dang shame appraisers are crapping their pants over ANSI but this gets nearly zero attention.

We can’t expect appraisers to pay attention to all the machinations happening behind the curtain. Unlike ANSI, this is one change the average fee appraiser might not even see… the orders just all of the sudden stop coming in.

 

[CGinMN]

How can a non-appraiser property data collector determine functional and external obsolescence, which is a measured market reaction that changes based on market conditions?

 

[jay trotta]

ACE+ PDR​

As described above, cash-out refinance transactions and certain “no cash-out” refinance transactions will no longer be eligible for ACE appraisal waivers. However, we are announcing our new offering, ACE+ PDR, which will continue to allow Sellers to originate cash-out refinance and certain “no cash-out" refinance Mortgages out an appwithraisal. With ACE+ PDR, additional property information is collected on-site by trained data collectors using the proprietary Freddie Mac PDR dataset, in lieu of a traditional appraisal.

When the ACE+ PDR option is accepted and a PDR has been used to originate the Mortgage, Freddie Mac will accept the estimated value submitted by the Seller for the purposes of underwriting the Mortgage, and will not exercise its remedies, including the issuance of repurchase requests, in connection with a breach of the Seller’s selling representations and warranties related to value only.

Certain components of the ACE+ PDR offering are being reviewed and tested at this time; therefore, the Guide will not be updated to reflect this change but will be updated at a date to be determined. Until then, Sellers should refer to this Bulletin to ensure compliance with the ACE+ PDR requirements.

"on-site by trained data collectors" - so between ANSI /New Qualified or Unqualified inspectors, this is the end result ? hmmm
What could go wrong, where is FIRREA when needed?

 

[sputnam]

How can a non-appraiser property data collector determine functional and external obsolescence, which is a measured market reaction that changes based on market conditions?

They can't... and won't.

 

[CGinMN]

I beg to differ

 

[Tiffany Gibbons]

I beg to differ

View attachment 60646

Yes, they'll know that before they go to the property, just like they already know LTV without an appraisal. Unbelievable.

 

[Cob]

I am going to be 53 years old in June, I am already planning something else to do for a living in the next 3-4 years.

 

[Ricky LaFleur]

I didn't realize there was already a post about this, so I made a new one today, but I'll just ask my question on here...

"When the ACE+ PDR option is accepted and a PDR has been used to originate the Mortgage, Freddie Mac will accept the estimated value submitted by the Seller for the purposes of underwriting the Mortgage..."

Are they actually having the seller estimate the value so they can determine if it meets their LTV criteria?