Property Data Collection - Value Acceptance/ACE 

Workflow FAQs


What is the Property Data Collection (PDC) - Value Acceptance/ACE Product?  

The Value Acceptance offering is an assessment which blends data and technology into a lender-provided value and acts as an appraisal waiver when submitted to Fannie Mae. This offer is only available for single-family one-unit properties. Condominiums, manufactured homes, 2+units, non-residential, and co-ops are not eligible. With Appraisal Firewall, lenders can place this order type just like any other Residential form types. Note: the industry is currently transitioning the "appraisal waiver" nomenclature to be referenced as Value Acceptance + Property Data moving forward. 


The Automated Collateral Evaluation (ACE) + Property Data Report (PDR) offering utilizes public records, proprietary models, and historical data for lenders to move forward with loans without the need for an appraisal when submitted to Freddie Mac. This offer is available for purchases, cash-out, and some no cash-out refinances. Additionally, ACE + PDR is applicable for one-unit dwellings, including condominiums and a unit in a PUD. Lenders can place this order type just like any other Residential form types they have enabled within Appraisal Firewall.  

 

How Can I Place a PDC Order in Appraisal Firewall?

Once lenders obtain an offer from Desktop Underwriter (DU) that the subject property is eligible for Value Acceptance + Property Data, or lenders are notified that the Loan Product Advisor (LPA) Feedback Certificate is eligible for ACE + PDR, lenders can create and place the order within Appraisal Firewall.


To place the order, follow these steps:

  • Access your Appraisal Firewall account.
  • Select New Order along the left-hand side of the screen and choose Residential. 

  • If you are attached to multiple divisions, you will need to select the Lender Division in the Loan section so the appropriate products, fields, etc. are available. Should the user only be affiliated with a single division, Appraisal Firewall will default to that division automatically. 

  • Complete the Loan and Property sections, fulfilling all the required fields. Within the Order section, use the Appraisal Type dropdown menu. At the very bottom of the list, choose Property Data Collection - Value Acceptance/ACE. 

  • Once all sections are complete, select the green Order button to place the PDC. Please note: DU CasefileID or LPA Key are required fields and must be provided to place the order successfully. 
  • When the user is directed to the Communications Log, the order has been placed successfully. A note will be added that the PDC has been processed and the order has been assigned a reference number by the vendor. 


How is the Property Data Collector Assigned?

Property data is gathered by a vetted and trained Property Data Collector, which Appraisal Firewall has partnered with. The vendor assigns and provides the data collection equipment to the data collector. Once the inspection has been scheduled with the entry contact, the data collector will capture an interior and exterior inspection of the subject property, generate a report, and deliver the completed report.


When Can I Expect the Property Data Report Back? 

Once the inspection has been scheduled with the entry contact, you can expect the report to be delivered 48-72 hours later, on average. The full report will be available via the Communications Log and the Documents tab once checks and reviews have been performed. 


Does Appraisal Firewall Submit to DU or LPA?

Yes! Appraisal Firewall will automatically submit the property data report for review to Fannie Mae's Property Data API Review Tool (PDART) or Freddie Mac's Loan Product Advisor (LPA). If the PDR/PDC passes review, the report is returned to DU or LPA for final acceptance. Appraisal Firewall will then post the DU or LPA messaging along with the full PDC report on the Communications Log. 


What if the PDC Submission Results in Eligibility/Changes to the Loan Qualifications?

Appraisal Firewall is configured so lenders can order the 1004H - Hybrid appraisal directly from the existing PDC order! This ensures that orders for the same subject property can be found easily, in addition to providing the appraiser with the property data collection to assist with the hybrid appraisal format. 


How Do I Order a Hybrid Appraisal?

To place the 1004H - Hybrid, follow the steps outlined below: 

  • Access an existing PDC order within your Appraisal Firewall Account. On the right side, select Order Appraisal. 

Please note: if the PDC is in a ‘Requested’ or ‘Reviewing’ status, an overlay will disclose that the PDC will be automatically cancelled and will require the user to confirm the action. Yes will confirm that the PDC will be cancelled, while Cancel will take the user back to the previous screen. 

  • When Yes is chosen, the user will be directed to the New Order screen. Please note: the Confirm Action overlay will never be present on PDC orders that are in a 'Done' or 'Cancelled' status. Users will be taken to the New Order screen automatically for any PDC orders that are 'Done' or 'Cancelled'. Appraisal Firewall automatically populates the order fields from the existing PDC in the Loan and Property sections. Within the Order section, the 1004H - Hybrid will be the default Appraisal Type. Complete any additional required fields in order to enable the Order button at the bottom of the screen. 

  • During order placement, Appraisal Firewall will automatically attach the PDC report (if one has been provided) to the Communications Log so the assigned appraiser has full access to review the report prior to accepting/declining the 1004H order. Assignment is based on your organization's appraiser panel rotation and eligibility. 


What Happens Next?

Once an appraiser has accepted the 1004H order, the appraisal process will progress as any other type of Residential appraisal type. The appraiser can utilize the PDC report output to build the 1004H appraisal report. Additionally, the appraiser must deliver the 1004H through Appraisal Firewall, to ensure billing reconciles accordingly, and all appropriate parties have access to the report.