This is the third post in our blog series about appraisal waiver programs. Check out part one and part three.
In 2022, Freddie Mac launched ACE+ PDR, an appraisal waiver with a property data report (PDR) and Freddie Mac has now launched the Beyond ACE application programming interface (bACE API). Among other things, this new API provides an efficient way to deliver PDR-related data and documentation to Freddie Mac and provides feedback messaging to aid users in assessing PDRs and determining potential next steps. Read on to learn more about Freddie Mac’s ACE+ PDR and the bACE API.
What is Freddie Mac’s ACE+ PDR?
ACE (automated collateral evaluation) is Freddie Mac’s appraisal waiver offering and a PDR is a property data report. ACE+ PDR is an offering that allows lenders to originate eligible loans without an appraisal. With ACE+ PDR, additional property information is physically collected on-site by trained property data collectors using the Freddie Mac property dataset, in lieu of an appraisal.
Read our full blog post about ACE+ PDR to learn more about this collation valuation option.
What is Freddie Mac’s bACE API?
bACE API is a new Freddie Mac API that provides feedback messaging related to submitted PDR data.
A typical PDR is often 30-50 pages of dense property data and photos. Without any guideposts to direct attention to specific areas of the PDR, the reader must sift through the data to identify whether the property requires repair, inspection, or the PDR must be upgraded to a hybrid appraisal.
bACE API feedback messages are a game-changer for lender underwriting and quality control staff, as the messages have the potential to turn the previously open-ended PDR review process into a more data-driven, targeted one. Lenders may find that bACE API feedback messaging helps their underwriting and quality control staff to more efficiently underwrite property condition and eligibility. This is analogous to using Uniform Collateral Data Portal® (UCDP®) results when performing a review of a traditional appraisal.
How can lenders take advantage of Freddie Mac’s ACE+ PDR and the bACE API?
It’s easy to start taking advantage of the benefits offered by Freddie Mac’s ACE+ PDR and its bACE API by using Clear Capital’s Universal Data Collection™ (UDC™). UDC supports the data standards for Freddie Mac’s ACE+ PDR and is integrated with bACE API.
UDC can be configured to submit to Freddie Mac’s bACE API and the feedback messages returned by the bACE API are integrated into the UDC report.
- UDC is configured with the lender’s seller ID or TPO ID to submit to bACE API
- Once bACE API submission is activated at the lender level, UDC will require a successful submission to the bACE API before a UDC report will be delivered to the lender
- The UDC report includes the bACE API feedback messages on the second page
- bACE API feedback messages are displayed in the UDC web viewer available on Clear Capital’s website.
Get started with the bACE API and UDC today
Get started today with GSE modernization programs like Freddie Mac’s ACE+ PDR and the bACE API with Clear Capital’s Universal Data Collection. UDC supports the data standards for both Freddie Mac’s ACE+ PDR and Fannie Mae’s Value Acceptance + Property Data, enabling lenders to easily implement and scale inspection-based appraisal waiver programs nationally.
Learn more about UDC here or email sales@clearcapital.com to get started today!
