Today's lenders in residential mortgage and secondary/capital markets have an increased need for a regulated, reliable Automated Valuation Model (AVM). For more than 20 years, Freddie Mac has effectively employed AVMs in their portfolio management and loan QC processes. Lenders and real estate professionals who need fast, accurate value estimates can benefit from the proprietary data, modeling expertise, industry knowledge and a long-standing reputation that Equifax and Freddie Mac bring to the market. By offering Freddie Mac's Home Value Explorer® (HVE), Equifax can help lenders obtain cost-effective and timely collateral valuations that may be used at multiple points across the mortgage loan life cycle.
HVE generates an estimate of property value in just seconds. Valuations are produced by a unique Freddie Mac proprietary algorithm that blends model estimates (returned by its repeat sales model and hedonic model) into a single valuation. HVE employs a database of more than 81 million property addresses obtained from national data repositories and the Freddie Mac loan portfolio. This translates to extensive coverage of all 50 states and the District of Columbia, including more than 3,100 counties. The data also includes values for properties in nondisclosure states by leveraging the Freddie Mac loan portfolio—data that is not otherwise available through a public source. With such extensive data, HVE is capable of returning a valuation on 80 percent of all properties submitted.
The value to your business:
- Leverage comprehensive and extensive datasets, including proprietary Freddie Mac data for nondisclosure states
- Focus on accuracy with an associated Confidence Score - based on a statistically-rooted methodology of standard deviation
- Reduce costs and time by streamlining and simplifying the lending process