Freddie Mac Single-Family Seller/Servicer Guide 5603.6 — Property data collector qualifications and Seller oversight

Freddie Mac Single-Family Seller/Servicer Guide 5603.6 — Property data collector qualifications and Seller oversight

Effective 2024-11-06 · Freddie Mac's stamp for this section

This section contains requirements related to: ■ Property data collectors ■ Seller oversight of property data collectors (a) Property data collectors The Seller, or its authorized third party, must ensure the property data collector: ■ Is independent and unbiased and has no present or prospective interest or bias with respect to the transaction, the property or the participants to the transaction ■ Completes training in all aspects of property data collection and the Uniform Property Dataset (UPD) and passes an exam that evidences proficiency in property data collection, and ■ Performs all aspects of a property data collection including, but not limited to: 1. Identifying and reporting, with supporting photographs, any: ❑ Property characteristics represented in the UPD; ❑ Design features that impair the use of the subject property and cannot easily be changed (e.g., access to a bedroom only through another bedroom, etc.); and ❑ Factors adjacent to the subject property that are atypical for the location (e.g., power lines, commercial site, industrial site, etc.) 2. Measuring the dwelling unit(s) and any other structures on the subject property to produce building sketches and floorplans in accordance with the exhibit requirements in Section 5604.2(a)(ii) 3. Collecting a comprehensive set of photographs of the subject property, as described in the UPD. (See Section 5604.2(h) for photograph requirements.) (b) Seller oversight of property data collectors The Seller, or its authorized third party, is responsible for the accuracy and reliability of the PDR and of any data provided by the property data collector to the appraiser. The Seller, or its authorized third party, must have in place policies or procedures that: ■ Require property data collectors to undergo periodic background checks that include criminal background checks; ■ Require property data collectors to complete comprehensive training on preparing an accurate and thorough PDR; ■ Require property data collectors to comply with the same customer service standards or code of conduct with which employees and/or contractors of the Seller, or its authorized third party, must comply; ■ Include a process to continuously evaluate property data collectors, including monitoring and documenting performance to identify and remedy any recurring deficiencies and discontinuing the use of chronically underperforming property data collectors; and ■ Include a process for providing continuing education when appropriate (e.g., in the event of significant changes to the UPD, the property data collection process, etc.) The Seller must include a targeted review of PDRs as part of its quality control sampling. Appraisals completed using a hybrid process must also be included in the Seller’s quality control sampling.

Source: Freddie Mac Single-Family Seller/Servicer Guide 5603.6 — Property data collector qualifications and Seller oversight · source URL · snapshot 4c94f67729042dd6