Freddie Mac Extends Appraisal Waivers to Condo Loans

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Posted To: MND NewsWire

Persons who buy or refinance a condominium using a Freddie Mac mortgage may soon be able to skip having a traditional on-the-ground appraisal. The company announced on Thursday that condos will soon be eligible for its automated collateral evaluation (ACE) appraisal waiver. The program, which has been available for single-family purchases and refinances since 2017, gives eligible borrowers the ability to realize savings in cases where the system determines a traditional appraisal isn’t needed. ACE uses data from multiple listing services and public records as well as a data base of historical home values to determine collateral values, analyzing the information with its proprietary models. Freddie Mac says some borrowers can save as much as $500 on appraisal fees and close 7 to 10 days faster…(read more)

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