PCV Murcor, a nationwide real estate valuations management company, has become an approved service provider for data collection field services to support Fannie Mae’s value acceptance + property data. The approval adds to PCV Murcor’s long-standing history of working with government-sponsored enterprises (GSEs) in support of appraisal modernization initiatives.
Per Fannie Mae, the goals of the value acceptance + property data service are to provide efficiency in appraisal fulfillment timelines, reduce bias, create more objective data and address the lack of appraisers in the field.
When a lender receives a value acceptance + property data offer, it must obtain a property data collection (PDC) from an approved service provider to validate the property description and eligibility. A PDC report consists of a full interior and exterior inspection of the subject property. The data collection can be performed by a trained data collector and must adhere to Fannie Mae’s property data standard.
This process, launched earlier in the year, ensures that submissions meet Fannie Mae’s data standards faster and more accurately. It also provides the flexibility of transferring to the GSE’s loan program without the need for an additional product while meeting a borrower’s needs at a fraction of the cost of a traditional appraisal and completing the turnaround time in half.
“We are proud to work with the GSEs in using innovative property data collection solutions to modernize and advance the appraisal industry,” says Keith Murray, PCV Murcor’s founder, president and CEO. “Advancements like this expand our ability to deliver service that is timely, professional and high-quality while easing the transaction for all parties involved.”