FOR IMMEDIATE RELEASE
Freddie APRIL 12, 2001
Mac CONTACT: PATTI BOERGER
703-903-2445
FREDDIE MAC ANNOUNCES NAME CHANGE OF HOME VALUE ESTIMATOR TO
HOME VALUE EXPLORERSM
HVESM Gives Valuations On Millions of Properties In Seconds
McLean, VA – Freddie Mac announced today that it is changing the name of its market-
leading property valuation tool, Home Value Estimator to Home Value Explorer (HVESM). The
name change marks an end to the program’s introductory phase.
HVE provides instant estimates of current residential property values for all 50 states and
the District of Columbia. Lending institutions can use HVE to provide home value estimates in
minutes for second mortgages, home equity loans and home equity lines of credit. Some
institutions also use it for quality control and loss mitigation.
“The name change marks Freddie Mac’s commitment to increase HVE’s use in the
marketplace,” said Michael Bradley, vice president of Business Development for Freddie Mac.
“In the coming months, Freddie Mac will use its technological expertise to make product
enhancements that will make HVE even better,” Bradley added. “The HVE enhancements will
lead to increased precision and hit rates and provide additional features and functions.”
For more than 10 years Freddie Mac has effectively used automated valuation models
internally for its own risk and portfolio management purposes. Freddie Mac offers other
valuation tools designed for different purposes. For instance, for first-lien mortgages sold to
Freddie Mac, lenders use Loan Prospector Tools – LP Classic and LP on the Internet – to
evaluate a borrower’s credit and collateral. Freddie Mac’s tools streamline the lending process
by cutting days off the collateral assessment cycle and saving hundreds of dollars on each
transaction.
-more-
Freddie Mac Announces Name Change of Home Value Explorer
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Freddie Mac also has added more providers for HVE. Customers can access HVE in a
variety of ways, including the Internet and Freddie Mac’s GoldWorks. To sign up for HVE,
contact one of the providers: Trans Union, DataQuick, First American Equity Loan Services,
C&S Marketing, ExpressClose.com, Market Intelligence Inc., Lender's Service Inc., Ocwen
Financial Corporation, Lending Tree and Clayton Group. For a complete list of contact names
and phone numbers, send an email message to HVE_Usage@freddiemac.com.
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to
support homeownership and rental housing. Freddie Mac purchases single-family and
multifamily residential mortgages and mortgage-related securities, which it finances primarily by
issuing mortgage passthrough securities and debt instruments in the capital markets. Over the
years, Freddie Mac has opened doors for one in six homebuyers and more than two million
renters in America.
More information on Freddie Mac can be found on the company's web site located at
http://www.freddiemac.com.
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