Black Knight Approved to Support Fannie Mae's New Valuation Option
Black Knight (NYSE:BKI) announced that its SCOUT mobile property inspection solution has been approved by Fannie Mae for data collection as part of the GSE's appraisal modernization initiative. This makes Black Knight one of only six vendors authorized to support the new valuation option, which aims to streamline property data collection. The SCOUT app enables users to gather interior and exterior property data efficiently, thereby enhancing the lender and borrower experience with improved cost savings, transparency, and faster origination times. SCOUT also includes fraud protection features and works on any GPS-enabled mobile device.
- Approved as one of six vendors for Fannie Mae's new valuation option.
- SCOUT app enhances efficiency and reduces costs for property data collection.
- Possesses built-in fraud protection features.
- None.
Black Knight's innovative SCOUT mobile property inspection solution approved for data collection as part of the GSE's appraisal modernization initiative
- Black Knight is one of only six vendors currently approved by Fannie Mae to support the GSE's new valuation option: value acceptance plus property data
- SCOUT, Black Knight's innovative property inspection application, enables appraisers and other approved data collectors to easily collect interior and exterior property data using a mobile device
- Property data collection providers, such as appraisal management companies (AMCs) and other service providers, can use SCOUT to complete the data collection process for Fannie Mae's value acceptance plus property data valuation option, as well as other GSE solutions.
- The intuitive SCOUT mobile app simplifies the lender and borrower experience by creating efficiencies and cost savings, as well as faster origination turn times
JACKSONVILLE, Fla., March 21, 2023 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced that it is one of only six vendors approved by Fannie Mae to support the GSE's new valuation option: value acceptance plus property data. Fannie Mae announced the new option in lieu of appraisals on March 1, 2023, in updates to its Selling Guide. With the new valuation option, lenders, AMCs and other property data collection companies can use SCOUT, Black Knight's innovative and versatile mobile property inspection application, as part of the value acceptance plus property data process.
The value acceptance plus property data option allows for a trained and vetted third party to conduct interior and exterior data collection on a subject property. As part of this process, the lender or their vendor reviews the collected data for accuracy and that the property meets loan eligibility requirements. Black Knight has worked closely with the GSEs to support their appraisal modernization initiative.
With the cloud-based SCOUT app, users can easily collect detailed interior and exterior property data using a mobile device. Through built-in rules, users input specific home characteristics and take photos based on Fannie Mae's proprietary data requirements. GPS tracking and other measures to validate the photos and data are collected at the borrower's property. In addition to SCOUT, Black Knight also provides SCOUT QC, a web-based inspection quality control tool that empowers the lender or the lender's AMC quality control staff to review the inspection for accuracy and loan eligibility using proprietary pass/fail logic. Completed inspections are seamlessly uploaded to Fannie Mae using the already integrated API.
"We are honored to be one of the small group of providers approved by Fannie Mae for lenders to use for the data collection process as part of the value acceptance plus property data option," said Ben Graboske, president, Black Knight Data & Analytics. "SCOUT is a great solution to support Fannie Mae's appraisal modernization initiative. By using SCOUT, lenders experience significant efficiencies and cost savings as well as greater data transparency, minimize the potential for bias and realize faster origination turn times."
SCOUT also includes advanced fraud protection features, works on any camera and GPS-enabled mobile device, and supports multiple valuation types, including appraisals, hybrids and BPOs.
Black Knight is hosting a complimentary webinar on Thursday, March 23, that discusses GSE valuation options. Register for the webinar here.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
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FAQ
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