ACE+ PDR FAQ
Disclaimer
This information is not a replacement or substitute for the requirements in the Freddie Mac Single-Family Seller/Servicer Guide and other Purchase Documents.
General FAQs
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- What is ACE+ PDR?
- Why do some loans require a PDR?
- How will I know if a loan is eligible for ACE+ PDR?
- Does the ACE+ PDR offer expire?
- Who should I use for property data collection and does Freddie Mac have specific requirements for these individuals?
- May the property data collector be an employee of the lender (not loan production staff) or someone else associated with the lender?
- Does Freddie Mac require that property data collectors pass a specific type of background check?
- Does the lender need to verify that the property data collector is not on the Freddie Mac Exclusionary List?
- Can the property data collection be performed through a virtual observation?
- [Updated April 3, 2024] Is there a specific form required for the PDR?
- Who should be reported on the PDR as the property data collector?
- What is the effective date of the PDR?
- Must the property data report be performed prior to the closing of the loan?
- Does the PDR have an expiration date?
- May I use a PDR that was completed for a different lender?
- What must a lender review when assessing the completed PDR?
- Are there characteristics or conditions for a subject property that could require an upgrade from an ACE+ PDR offer to a traditional appraisal or, when appropriate, a hybrid appraisal?
- If a PDR has been completed for a Single-Family property, but prior to the closing of the loan it is determined that the subject property is a condominium unit, must a new PDR be obtained?
- If a lender accepts an ACE+ PDR offer on a condominium unit loan, does the lender still need to complete the condo project review?
- Are there instances that would allow a PDR to be completed when the subject property has items that require repair?
- [UPDATED June 5, 2024] When a PDR is completed with required repairs and/or requires an inspection, who will perform the inspection to verify completion of the repairs and what documentation is required?
- May the Form 442 be used in lieu of the PDR Completion Report when the property data collector is an appraiser?
- Can the date of the PDR Completion Report be after the Note Date?
- If a correspondent lender receives a loan completed with a PDR, must the correspondent lender assess the PDR?
- [Updated April 3, 2024] Are there any Freddie Mac tools to help lenders assess completed PDRs?
- If the bACE API returns a message that items may need to be repaired, does this mean they must be repaired?
- [Updated April 3, 2024] Where can I find a list of vendors that support the UPD and are integrated with the bACE API?
- [Updated April 3, 2024] When the lender submits a PDR to the bACE API, does the lender still need to assess the PDR?
- [NEW April 3, 2024] Is there a standardized dataset for the PDR?
- Are lenders required to perform quality control on PDRs?
- Are there special documentation requirements and delivery instructions for ACE+ PDR loans?
- [NEW April 3, 2024] How does the lender establish with Freddie Mac that it has a relationship with an AMC or collateral valuation partner and that the entity is therefore authorized to submit bACE API on the lender’s behalf?
- [Updated November 4, 2024] Are there special delivery requirements for a mortgage originated with ACE+ PDR that has been upgraded to a hybrid appraisal?
- [NEW November 4, 2024] Are Texas Equity Section 50(a)(6) or Texas Section 50(f)(2) mortgages eligible for ACE+ PDR?
Upgrade to Hybrid Appraisal FAQs
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- What happens if, upon assessment of the PDR, the lender identifies characteristics or conditions that require an upgrade to an appraisal?
- May the appraiser who completes a hybrid appraisal as an upgrade from a PDR contact the property data collector to validate information in the PDR?
- Is an appraiser who completes the upgrade to a hybrid appraisal on Form 70H or 465H required to be located in the market area of the subject property?
- Can an appraiser complete an upgrade to a hybrid appraisal in a market area where the appraiser has not previously provided appraisal services?
- What is the effective date on Form 70H or 465H if the ACE+ PDR is upgraded to a hybrid appraisal?
- [UPDATED June 5, 2024] May Form 442 (Appraisal Update and/or Completion Report) or Form 400 (Warranty of Completion of Construction or Repairs/Alterations) be used in lieu of the PDR Completion Report if the PDR was upgraded to a hybrid appraisal?
- If the lender changes data in LPA that causes the loan to lose eligibility for ACE+ PDR, but has already received the PDR, may the lender obtain a hybrid appraisal?
bACE API and Collateral Rep and Warranty Relief
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- [NEW June 12, 2024] Must the Seller resubmit the PDR to LPA after they have submitted the PDR to the bACE API?
- [NEW June 12, 2024] What must the Seller do if the message on the LPA feedback certificate indicates ACE+ PDR eligible, but upon submission of the PDR to the bACE API the collateral rep and warranty relief message in LPA indicates the PDR must be upgraded
- [NEW June 12, 2024] Where can the Seller obtain details related to the needed repairs indicated by the collateral rep and warranty relief message in LPA?
- [NEW June 12, 2024] Where can the Seller obtain details related to the additional feedback warnings indicated by the collateral rep and warranty relief message in LPA?
- [NEW June 12, 2024] What does the Seller need to do when the collateral rep and warranty relief message in LPA indicates the property has more than four units?
- [NEW June 12, 2024] What does the Seller need to do when the collateral rep and warranty relief message indicates the property has more than one accessory dwelling unit (ADU) and upon review of the PDR, the Seller confirms the property is in fact a...
- [NEW June 12, 2024] What does the Seller need to do when the collateral rep and warranty relief message indicates the property has more than one ADU and upon review of the PDR, the Seller confirms the property does not have more than one ADU, but is a...
- [NEW June 12, 2024] Does the Seller need to resubmit the PDR to the bACE API if the PDR has been updated?
- [NEW June 12, 2024] What should the Seller do if the collateral rep and warranty relief message in LPA, Loan Quality Advisor or Loan Selling Advisor states the PDR must be submitted to the bACE API even though the PDR has already been submitted...
- [NEW June 12, 2024] How will the Seller know from the LPA messages if there was a prior PDR submission to the bACE API?
- [NEW June 12, 2024] When should the Seller submit the PDR to the bACE API?
- [NEW June 12, 2024] When should the Seller submit the PDR to the bACE API if I’m using Loan Quality Advisor and not submitting the loan to LPA?
Property Identifier
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- [New August 2, 2024] Where does the Seller obtain the property data identifier?
- [New August 2, 2024] How should the Seller use the property data identifier?
- [New August 2, 2024] The PDR was corrected and resubmitted to the bACE API and a new property data identifier was returned. Which property data identifier should the Seller provide in LPA?