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 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. Freddie Mac's tools streamline the lending process by cutting days off the collateral assessment cycle and saving hundreds of dollars on each transaction. Customers can access HVE in a variety of ways, including the Internet and Freddie Mac's GoldWorks.