It also supports Freddie Mac's ACE + PDR initiative
Xactus, a verification innovator for the mortgage industry, has announced that its appraisal program, the Appraisal FirewallX, has met the requirements needed to fulfill Federal National Mortgage Association (Fannie Mae) property data collection orders.
It also supports Federal Home Loan Mortgage Corporation (Freddie Mac)’s automated collateral evaluation (ACE) + property data report (PDR) program.
“At Xactus, we are focused on advancing the modern mortgage and prepared for the future of appraisals,” said Shelly Leonard, president of Xactus.
What is the Appraisal FirewallX?
According to its website, the Appraisal FirewallX was created by SharperLending Solutions, which is a subsidiary of Xactus. The program allows financial organizations to administer their own appraisal process.
While it is not an appraisal management company (AMC), the appraisal program can connect mortgage lenders with property data collectors in order to deliver value acceptance + property data and hybrid appraisal solutions.
It can assist with the following tasks:
- 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.
“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,” said Leonard.
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