Freddie Mac
FOR IMMEDIATE RELEASE APRIL 12, 2001 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 marketleading 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. -moreFreddie Mac Announces Name Change of Home Value Explorer
Page 2 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. ###