So what part does this system play in the mortgage process?
When a lender receives a value acceptance + property data offer, it must obtain a property data collection (PDC) from an approved service provider, to validate the property description and eligibility. A PDC report consists of a full interior and exterior inspection of the subject property. The data collection can be performed by a trained data collector, and must adhere to Fannie Mae’s property data standard.
The process was launched earlier this year, and ensures that submissions meet Fannie Mae’s data standards faster and more accurately. It also provides the flexibility of transferring to the GSE’s loan program without the need for an additional product, while meeting a borrower’s needs at a fraction of the cost of a traditional appraisal and cutting the turnaround in half.
“We are product to work with the GSEs in using innovative property data collection solutions to modernize and advance an appraisal industry. Advancements like this expand our ability to deliver service that is timely, professional, and high quality while easing the transaction for all parties involved,” said PCV Murcor’s founder, president, and CEO, Keith Murray. “Adding this product to our cascade, along with our nationwide coverage, multi-tiered quality control review processes, and state-of-the-art technology, reflects our ability to evolve as we have other past four decades.”
PCV Murcor was founded in 1981. Its tradition of excellence was built upon a desire to help hundreds of lenders make their customers’ real estate needs happen. PCV Murcor is licensed in all 50 states, plus the District of Columbia. PCV provides nationwide coverage for traditional appraisals, alternative products, and a full suite of commercial and multi-family products. It manages the valuation needs for mortgage lending, financial institutions, estate and litigation, real estate investors, and mortgage services. Visit pcvmurcor.com to learn more.
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