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Automated Look-up Tool for Relief Refinance Mortgage HVE Point Value EstimatesJuly 13, 2009

You’ve asked for tools to more quickly and easily originate the Freddie Mac Relief Refinance Mortgage^SM-Same Servicer. We responded to your requests by launching our new Home Value Explorer® (HVE) point value estimate automated look-up tool on Monday, July 13, 2009.  This tool offers immediate access to a free point value estimate to simplify your Relief Refinance-Same Servicer originations. The tool provides addition support to meet our mutual goal of providing more borrowers with affordable refinancing opportunities through the federal Making Home Affordable Program.

Freddie Mac Seller/Servicers currently using Loan Prospector® can conveniently access the HVE point value estimate look-up tool through the Loan Prospector Web browser from LoanProspector.com, using their current Loan Prospector ID and password.

Accessing the HVE Point Value Estimate Look-Up Tool

If you’re a Seller/Servicer and a current Loan Prospector user:

• Access the HVE point value estimate look-up tool through the Loan Prospector browser access method available at LoanProspector.com. Use your existing Loan Prospector ID and password.
• The look-up tool will provide HVE point value estimates immediately for single loan requests, or overnight processing for batch requests of up to 500 Freddie Mac loan numbers submitted using an XML file format.  You will receive an e-mail when your batch request is processed and ready to download.

To obtain the point value estimates using the look-up tool, you’ll need to enter a valid Freddie Mac loan number.  The tool will return the following information:

• Point value estimate
• Standard deviation
• Property address
• Date that you accessed the point value estimate data using the look-up tool
• Freddie Mac servicer number
• Freddie Mac loan number 

It is important that you review the terms and conditions for use of data generated by HVE in Guide Exhibit 32.  Under these terms and conditions, as a Seller/Servicer you may make HVE data accessible to third-party brokers and correspondent lenders that are contractually affiliated with you, but only by providing access to the data through a password protected interface on your Web site.

Important Reminders About Using HVE Point Value Estimates for Relief Refinance Mortgages-Same Servicer

Point value estimates derived from HVE data may be used to determine property value when originating eligible Relief Refinance Mortgages through the Same Servicer option for eligible one-unit properties only.

You are relieved of representations and warranties for the value, condition and marketability of the mortgaged premises when using HVE point value estimates as long as the Relief Refinance Mortgage-Same Servicer requirements in Guide Chapter A24 are met including:

• In order to use the HVE point value estimate to determine the property value, you must confirm that the standard deviation for the HVE point value estimate is no greater than 0.20 (corresponding to a medium or high Confidence Score). You must also review the property type and other Relief Refinance Mortgage requirements to ensure that the property is eligible for sale as a Relief Refinance Mortgage-Same Servicer.
• As of the Freddie Mac delivery date, the HVE point value estimate may not be more than 180 days old, starting from the date you accessed the information in the look-up tool.
• You must deliver Special Characteristic Code H03, and the HVE point value estimate in the Appraised Value Field on Form 11 or 13SF, for all Relief Refinance Mortgages-Same Servicer where you’ve used the HVE point value estimate to determine the property value.

HVE point value estimates and automated valuation models cannot be used in lieu of an appraisal when originating Relief Refinance Mortgages – Open Access.

Using HVE point value estimates is just one option to determine property value for the Relief Refinance Mortgage – Same Servicer. You may also use the original appraisal for the mortgage being refinanced or a new appraisal according to our requirements in Guide Section A24.3 (d). Please remember that receiving a HVE point value estimate from the look-up tool does not indicate loan eligibility for the Relief Refinance offering, or property eligibility for use of HVE point value estimates.

Get More Information

The HVE point value estimate look-up tool is only accessible by Freddie Mac Seller/Servicers who are current Loan Prospector users. If you’re not currently a Loan Prospector user, get more information about signing up for Loan Prospector at LoanProspector.com/getstarted/.  In addition:

• Access detailed information and user tips on our Learning Center at FreddieMac.com/learn/.
• Find complete requirements for using HVE point value estimates with the Relief Refinance Mortgage – Same Servicer in Guide Chapter A24.
• Review our June 26 Guide Bulletin 2009-15 for specific terms and conditions related to the use of HVE point value estimates, as well as other changes and enhancements to Relief Refinance Mortgages.
• Review our July 1 customer e-mail with information on Relief Refinance Mortgages with loan-to-value ratios up to 125 percent, effective for applications immediately for the Same Servicer Option, and Freddie Mac settlements on and after October 1.
• Learn more about Relief Refinance Mortgages – Same Servicer.