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Freddie Mac Looking to Automate Appraisal Process

August 24, 2017 By Geoffrey Disch Leave a Comment

Green Escrow | Real Estate News

Mortgage servicer Freddie Mac will soon be featuring a new program called Automated Collateral Evaluation (ACE) that will allow some buyers to skip the traditional appraisal process in an effort to speed up the closing process and lessen fees for home buyers.

ACE is a computer algorithm that uses data from multiple listing services, public records and historical home values to determined a property’s collateral risk. Not all home purchases will be eligible however as the system will assess if a property needs to be appraised by a human.

According to Freddie Mac those that do qualify should see closing times improved by 10 days and may save up to $500. The new program for home purchases is scheduled to begin on September 1.

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Filed Under: Industry News Tagged With: automated appraisal process, Freddie Mac

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“I’ve been in this industry for over 20 years. I have seen both fantastic and just “ok” escrow officers. The Escrow Officer and her team are typically the last stop for a borrower during the purchase or refinance transaction. You want that person and team to be personable, professional and helpful to your client. Kathy and her team at Green Escrow has surpassed my expectations. The team has gone the extra mile to ensure my file closed on time and without incident. I’m looking forward to continued success with Green Escrow.””
by Adina Erridge, Bay Equities Home Loans

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