Clear Capital has updated its proprietary data collection product Universal Data Collection (UDC) to deliver the Uniform Property Dataset (UPD), Fannie Mae and Freddie Mac’s single data standard for property data collections.
By reducing the volume of required data, UDC streamlines the collection process for inspection-based valuation and delivers UPD-compliant data, removing complexities and making property data collection review and underwriting easier and more efficient for mortgage lenders.
To further support appraisal modernization and enhance data quality and consistency in property data collection, Fannie Mae and Freddie Mac partnered to develop UPD under the Uniform Mortgage Data Program (UMDP), responding to industry feedback requesting market standardization and fungibility.
Since its inception in 2010, UMDP has accelerated the mortgage industry’s adoption of data standards, contributing to operational efficiencies and enhanced risk management capabilities for mortgage lenders, while increasing the accuracy and quality of the data that supports mortgage loans.
“The UPD is the next step in property data standardization and demonstrates Fannie Mae’s and Freddie Mac’s ongoing commitment to using technology to capture property information, imagery, and floor plans,” says Kenon Chen, executive vice president of strategy and growth at Clear Capital, in a release. “This update will be significant in increasing adoption of both Value Acceptance + Property Data and ACE+ PDR with lenders nationwide, and we’re pleased to help support this effort.”
The UPD consists of all required, conditionally required, and optional data elements for GSE property data collection and supports a full interior and exterior property data collection, including images and floor plan of the subject property. The UPD will be required for new loan applications as of April 1, 2024 for Fannie Mae’s Value Acceptance + Property Data program and Freddie Mac’s ACE+ PDR solution (automated collateral evaluation plus property data report).
“Fannie Mae is on a continuous journey to help make the home valuation process more efficient and accurate,” says Jake Williamson, senior vice president, single-family collateral risk management, Fannie Mae. “The implementation of UPD brings greater consistency and a singular data standard to the property data collection process, which will create more certainty for lenders and aid in the adoption of Fannie Mae’s spectrum of valuation options.”
Photo: Agence Olloweb
