Property services provider SingleSource Property Solutions has launched a new data collection solution for appraisal supported by SingleVue, its new mobile app, the company announced on Tuesday. This new suite of products will be of service to lenders for the Fannie Mae value acceptance+ property data initiative.
With these tools, lenders are poised to see “shorter loan cycle times, lower consumer costs, and an improved borrower experience,” the company said in a statement.
Fannie Mae’s value acceptance+property data extends an appraisal waiver provided the property data is gathered by a vetted and trained third party and a floor plan is delivered to a desktop underwriter. Fannie Mae’s program, which began earlier this year, is part of its ongoing efforts to modernize the valuation component of the mortgage industry.
“Historically, one of the most time-consuming parts of the loan process has been scheduling the appraisal,” Matt Stepanovich, vice president of appraisal modernization and QC at SingleSource, said in a statement. “During the last refi boom, some appraisers were scheduling inspections as far as four to six weeks out, which was slowing down the entire loan transaction. As a Fannie Mae partner, SingleSource can utilize a larger pool of trained data collectors, so that property inspections can now take place in a matter of days, not weeks.”
In October, Xactus’s valuation solution, Appraisal Firewall X, also met federal requirements to fulfill Fannie Mae property data collection orders.
SingleSource offers solutions in valuations, title and settlement, property preservation, REO asset management, document management, nationally. SingleSource has been providing valuation services nationwide since 2000 and nationwide field services and inspection services since 2006.