California-firm now on federal body's list for value acceptance and property data
This article was produced in partnership with PCV Murcor.
Desmond Devoy of Mortgage Professional America sat down with David Schiffmayer, PCV Murcor’s senior vice president of operations, and Keith Murray, founder, president and CEO, to talk about his company’s ascension to an approved service provider list at Fannie Mae.
Nationwide real estate valuations management company PCV Murcor has been added to Fannie Mae’s approved service provider list for value acceptance and property data.
The announcement was made this past summer, when the California-based firm was informed that it would be added as an approved service provider for data collection field services to support Fannie Mae’s value acceptance and property data.
PCV Murcor has a long-standing history of working with the Government Sponsored Enterprises (GSEs) in support of appraisal modernization initiatives. Approved service providers must meet requirements for:
- Offering data collection field services;
- Data collection technology;
- Or, integration to the property data API.
“Our approval as a property data collection service provider for Fannie Mae reinforces our long-standing partnership and helps us further our mission of making clients’ real estate needs happen through accountability, connectivity, and performance,” said David Schiffmayer, PCV Murcor’s senior vice president of operations.
“We look forward to partnering with our clients and their customers by providing best-in-class data collection services and appraisals in support of industry appraisal modernization.”
According to Fannie Mae, the goals of the Value Acceptance + Property Data service are to provide efficiency in reducing appraisal fulfillment timelines, reduce bias, create more objective data, and address the lack of appraisers in the field.
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.