Clear Capital's UDC to Support New Single Data Standard from Fannie Mae and Freddie Mac
RENO, NV / ACCESSWIRE / February 21, 2024 / Clear Capital, the national real estate valuation technology company, today announced that it has updated its proprietary data collection product Universal Data Collection (UDC) to deliver the Uniform Property Dataset (UPD), Fannie Mae and Freddie Mac's (the GSE'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," said Kenon Chen, EVP of Strategy and Growth at Clear Capital. "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," said 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."
"We're truly excited about our collaboration with industry stakeholders to deliver increased efficiency to lenders adopting new collateral valuation options," said Daniel Miller, Single-Family Director, Strategic Technology Partnerships at Freddie Mac. "Clear Capital's support of ACE+ PDR could help lenders and borrowers benefit from faster turn times and lower costs to originate, while mitigating risks by helping lenders deliver complete and accurate Property Data Reports."
Universal Data Collection was launched in the spring of 2023 to support each GSE's policy changes, empowering lenders with additional collateral valuation options, and immediate national scalability and coverage. UDC has now been updated to gather and deliver the UPD. Lenders do not need to take any action for this update, as it will occur automatically in Clear Capital's systems.
UDC provides flexibility, as eligible loans can be quickly and easily transferred to the agency with the loan program that meets the borrower's needs, without the need for an additional valuation product. In addition to the flexibility provided and the immediate national scalability and coverage, UDC is available at a fraction of the cost of a traditional appraisal, and completed in half the time.
Powered by Clear Capital's more than 20 years of property data collection experience, UDC provides fungibility and less complexity in management of loans, as well as ease of adoption with the availability of order management integrations, website ordering and API ordering.
"The UPD will rely on fewer total data points, which will help eliminate complexity and ultimately simplify mortgage underwriting for inspection-based waivers," said Dan McAlister, Vice President of Product for Clear Capital. "Our UDC solution helps to manage the different policies and API submissions required by Fannie Mae and Freddie Mac and will now offer a more streamlined report based on the reductions in the overall scope and number of required data points. With UPD, UDC will improve review efficiency and reduce loan costs for both the lender and the borrower."
The company's panel of more than 4,200 background-checked and trained real estate brokers/agents enables lenders to provide 97% coverage nationwide with proven performance and quality. Clear Capital is a leading provider of traditional, hybrid, and desktop appraisals for mortgage origination.
For more information on Universal Data Collection, visit www.ClearCapital.com/udc.
About Clear Capital
Clear Capital is a national real estate valuation technology company with a simple purpose: to build confidence in real estate decisions to strengthen communities and improve lives. Our goal is to provide customers with a complete understanding of nearly every U.S. property through our field valuation services and analytics tools, and improve their workflows with our platform technologies. Our commitment to excellence - wherever it leads, whatever it takes® - is embodied by our team members across our brands (Clear Capital, CubiCasa, and REO Network) and has remained steadfast in this pursuit since our first order in 2001.
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Media Contact:
Ross Stevens
Caliber Corporate Advisers for Clear Capital
ross@calibercorporate.com
SOURCE: Clear Capital
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