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Resources for lenders to understand and implement Freddie Mac appraisal waivers and property data
The Freddie Mac appraisal waivers and property data program, Automated Collateral Evaluation (ACE) and Property Data Report (ACE+ PDR), was released by the Single Family Division on July 17, 2022. This article provides a quick reference for lenders seeking to implement ACE+ PDR.
Appraisal Modernization
Freddie Mac provides a spectrum of valuation options to establish a reliable collateral valuation depending on the loan characteristics. These include no-appraisal needed options like ACE and ACE+ PDR appraisal waivers, and appraiser-dependent options like desktop appraisals, hybrid appraisals and traditional appraisals.
Freddie Mac Automated Collateral Evaluation &
Property Data Report (ACE+ PDR)
ACE+ PDR was released on July 17, 2022 with eligibility for ‘No cash-out’ and some cash-out refinances. The program was expanded on August 2, 2023 to include eligibility for purchase transactions.
- Collateral Valuation and Appraisal Resources
The Freddie Mac web page introducing valuation modernization - Automated Collateral Evaluation (ACE) Overview
The Freddie Mac web page introducing ACE - ACE+ PDR Overview
The Freddie Mac web page introducing ACE+ PDR - Selling Guide – Appraisal report forms, PDRs and inspection types
Go directly to the relevant selling guide sections and announcements: - ACE+ PDR FAQ
Frequently asked questions by lenders - ACE+ PDR Lender Process Flow (pg. 4)
Schematic workflow showing lender and vendor interaction - ACE+ PDR At-A-Glance Job Aid
Guide to eligibility and submission of ACE+ PDR - ACE+ PDR Providers
Verified technology and service providers - Uniform Property Dataset (UPD)
Standardized GSE data standards for property data collection - Property Data Collection User Guide
User guide for UPD
Freddie Mac Appraisal Waivers and Property Data Adoption
MtgeFi.com publishes a monthly update on the use of appraisals, appraisal waivers and the new appraisal waivers and property data programs. Some of these resources are available below:
- Correspondent sellers make big gains with inspection-based waivers: Nov 2023
- Inspection-based waivers now used by 25% of GSE sellers this year: Oct 2023
- Property Data Reports now used by 392 lenders this year: Sept 2023
- New Property Data Programs Grow Again: August 2023
- New Appraisal Waivers Continue Strong Growth: July 2023
- New Appraisal Waivers and Property Data Programs Double: June 2023