Verification solutions provider Xactus has announced that its Appraisal FirewallX valuations solution has met the requirements and is capable of fulfilling Fannie Mae property data collection orders.
Appraisal Firewall is a web-based, secure appraisal program by SharperLending Solutions – a Xactus subsidiary – that allows financial organizations to administer their own appraisal process.
The platform is connecting mortgage lenders with vetted and trained property data collectors to deliver the value acceptance + property data and hybrid appraisal solutions. The company also supports Freddie Mac’s ACE + PDR initiative.
“At Xactus, we are focused on advancing the modern mortgage and prepared for the future of appraisals,” says Shelley Leonard, president of Xactus, in a release. “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 appraisal modernization program is part of its ongoing efforts to modernize the mortgage industry. Upon submitting a subject property to Desktop Underwriter, the lender will receive a notification indicating the process for which the property qualifies.
Xactus Appraisal FirewallX valuation solutions can assist with the following:
- Value acceptance + property data: This new process 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 DU. Xactus Appraisal FirewallX provides this data.
- Hybrid appraisals: This new process requires 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 FirewallX provides this data.
Photo: John Schnobrich
