ACE+ PDR FAQ
This document answers some of the most common questions regarding Freddie Mac's ACE+ PDR.
Document 2010 | Last updated: 09/07/2022 MC7
What is a PDR?
A PDR is a property data report. The PDR is part of a new offering that allows lenders to originate some loans without a full appraisal. Additional property information is physically collected on site by trained data collectors using the proprietary Freddie Mac PDR dataset, in lieu of an appraisal.
When is the PDR available?
The ACE+PDR offering is effective as of July 17, 2022. The PDR on TOTAL for Mobile is now available for customers to use.
Is the PDR an appraisal?
The PDR is an inspection data set; no opinion of value is given.
Is the ACE+ PDR a bifurcation?
No. It's essentially a "waiver + data". However, if the property data collector discovers something about the property that makes it ineligible for the waiver, the client can change the job to the 1004/70 Hybrid.
Can appraisers do PDRs?
Yes. The GSEs are hoping appraisers will fill the bill for PDRs. The property data collector may be a non‑appraiser, appraiser, or appraiser trainee, but they must meet certain requirements and have the appropriate qualifications.
See Freddie's Bulletin for additional information.
Is a supervisory signoff required for an appraiser trainee or a non-appraiser?
No, the PDR is not an appraisal. According to Freddie Mac, an appraiser trainee or a non‑appraiser with proper training can perform the inspection without signoff from a supervisor appraiser.
How do I fill out a PDR in TOTAL?
Since the point of a PDR is for someone to go onsite and just collect information, we've started out building the PDR report into TOTAL for Mobile. TOTAL for Mobile prompts you as you go through a property and asks follow up questions as needed as you put in the data on site. TOTAL for Mobile even lets you sign and create the PDF on your mobile device.
During the first phase, TOTAL on the desktop lets you view the PDF results of the inspection in your workfile, but there won't be functionality to complete the data or see a "form" on screen until a later date.
For more information on TOTAL for Mobile, click here.
What does the PDR form look like?
The output from a Property Data Report doesn't really look like the conventional forms you're used to seeing in TOTAL. Instead of static checkboxes, labels and fields, the report has a varying number of sections based on the characteristics of the property.
Click here to see Freddie's PDR Dataset Sample. The output from TOTAL for Mobile will look similar.
Do I need to include photo timestamps with a PDR?
There is no requirement for this.
Does Fannie Mae have a PDR? Can a client use my PDR for Fannie Mae?
No. Fannie Mae doesn't have a PDR at the moment.
Is the PDR the same thing as Fannie Mae's PDC/Hybrid?
No. Some fields are the same, but the two data sets are substantially different.
How do I deliver the PDR to a client?
TOTAL for Mobile delivers the PDR to the client as a PDF document via email, directly from your mobile device.
To create the PDF document, tap on the report from the list of files, press Share, and then select PDF Format. From there, you can choose how to deliver or save the report. For more information about sharing files from TOTAL for Mobile, click here.
Does the PDR require a floorplan? Do I have to include interior walls in the sketch? Does it have to be ANSI‑compliant?
The "floor plan" required by the PDR is not substantially different from what most appraisers deliver with appraisal reports today. It's a measurement of exterior walls for calculating GLA and basements, with placement of interior walls and a "representation of functional obsolescence."
There are no requirements for the floor plan to be ANSI‑standard compliant, nor for the interior walls to be to scale — something currently associated with Fannie's new Desktop's "floorplan."
I don't want to do PDRs because it's bad for the appraisal profession.
It's always going to be a personal business decision as to which types of jobs to take. As a reminder, however, the ACE+ PDR represents a revenue opportunity for the standard appraiser's skillset that wasn't available because of Freddie's previous waiver‑only program.
What does ALM recommend I do to get familiar with PDR?
Are there any system requirements to do a PDR in TOTAL for Mobile?
Currently, the PDR is only available on iOS devices. We're working on adding the PDR to the Android version of TOTAL for Mobile very soon.