Mortgage Daily

Published On: August 18, 2017

A new automated tool from the Federal Home Loan Mortgage Corp. will enable some home buyers to avoid the time and expense of a full appraisal report.

The tool, announced Friday by the McLean, Virginia-based
secondary mortgage lender, has been dubbed automated collateral evaluation, or ACE.

According to Freddie Mac, using proprietary models and data from multiple listing services, the automated appraisal alternative
assesses the need for a traditional report.

In addition, over four decades of historical home values are analyzed
to determine collateral risks.

By avoiding full appraisal reports, some borrowers
will see closing times fall by seven to 10 days and save as much as $500.

Meanwhile, lender-clients of Freddie will receive
immediate collateral representation-and-warranty relief related to the value, condition and marketability of the property upon loan delivery.

Lenders can determine if a property is eligible for ACE by submitting loan data through Loan Product Advisor, which is part of Freddie’s end-to-end technology solution, Loan Advisor Suite.

ACE, which has been available for refinances since June 19, will be available for qualified home purchases beginning on Sept. 1.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN