HVE point value estimate look-up tool for Relief Refinance Mortgages – Same Servicer now available

Freddie Mac's Home Value Explorer® (HVE) point value estimate look-up tool is now available through the Loan Prospector® Web browser on LoanProspector.com. This free tool further supports the federal Making Home Affordable Program by providing Seller/Servicers immediate access to HVE point value estimates that may be used to originate eligible Freddie Mac Relief Refinance Mortgages^SM under the Same Servicer option.

Seller/Servicers currently using Loan Prospector can access the HVE point value estimate look-up tool using their existing Loan Prospector user ID and password. From the "Look Up HVE Value" tab on the Loan Prospector Web browser, users may enter a single Freddie Mac loan number or a batch request of up to 500 Freddie Mac loan numbers. Batch requests are processed overnight and you will receive an e-mail indicating that the request has been processed and is ready to download. The look-up tool returns following information for each request:

• 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

The look-up tool may be used to estimate property values for eligible Relief Refinance Mortgages – Same Servicer secured by one-unit properties, and the following requirements apply:

• The standard deviation for the HVE point value estimate must be no greater than 0.20 (corresponding to a medium or high Confidence Score).

• As of the delivery date, the HVE point value estimate may not be more than 180 days old, starting from the date you accessed the data from the look-up tool.

• Delivery of Special Characteristic Code H03 when using HVE point value estimates and delivery of the HVE point value estimate in the Appraised Value Field on Form 11 or 13SF

• Seller/Servicers are relieved of representations and warranties on the value, condition, and marketability of the property when using HVE point value estimates for Relief Refinance Mortgages – Same Servicer. Seller/Servicers remain responsible for the representations and warranties on the mortgage being refinanced, including representations and warranties related to the original appraisal or automated valuation model used.

Receiving HVE point value estimates from the look-up tool does not indicate eligibility for the Relief Refinance Mortgage – Same Servicer. These mortgages must meet all of our requirements in the Single-Family Seller/Servicer Guide (Guide) Chapter A24.

Using HVE point value estimates is just one option to determine property value for Relief Refinance Mortgages – Same Servicer. The original appraisal for the mortgage being refinanced or a new appraisal that meets our Guide requirements may also be used to determine property value.

Seller/Servicers that use HVE data received directly from Freddie Mac, including HVE point value estimates from the look-up tool, must meet the terms and conditions defined in Guide Exhibit 32. Under these terms and conditions, Seller/Servicers may make the HVE data available to third-party brokers and correspondent lenders that are contractually affiliated with them, but only through a password protected interface on their Web site.

For more information

• If you are not a Loan Prospector user, find out about signing up for Loan Prospector.
• Learn more about Relief Refinance Mortgages – Same Servicer.
• Visit our Learning Center for user tips on the look-up tool.
• Read a related article on the Relief Refinance Mortgage – Open Access option.