Freddie Mac Home Value Explorer® (HVE®)
A tool for pre- and post-funding quality control.
Home Value Explorer® (HVE®), the highly regarded automated valuation model (AVM) from Freddie Mac, is now available through Clear Capital. Its over 20 year history of extensive coverage in all 50 states, high fulfillment rates, and valuation precision make HVE the go-to choice among AVMs. The benefits of this tool are diverse: as a standalone AVM, a rule set in our ClearQC® product, or coupled with our Property Condition Inspection (PCI) for compliance with Interagency Guidelines for Appraisals and Evaluations.
HVE is a popular AVM tool that generates an estimate of property value in seconds. Created by Freddie Mac, HVE covers more than 3,100 counties with its database of approximately 81 million property records. HVE encompasses several models rolled into a single product for one low cost. HVE data simplifies the mortgage process by streamlining the collateral valuation cycle. In nationwide tests conducted by large wholesale lenders, HVE consistently performs at the top in the areas of coverage, accuracy, and reliability.
- Generates an accurate value within seconds.
- Provides extensive coverage of all 50 states and the District of Columbia, including more than 3,100 counties.
- Employs a database of more than 81 million property addresses obtained from national data repositories and the Freddie Mac loan portfolio.
- Includes values for properties in nondisclosure states.
- Returns a valuation hit on a national average of 80 percent of all properties submitted. If prior sales information is provided, hit rates are even higher.
|HVE® estimated value provides a dollar amount for the subject property by leveraging Freddie Mac’s unique data set. High and low range prices are calculated based on comparable selection.|
|The easy-to-interpret confidence value notes the accuracy of the result relative to the accuracy of an appraisal’s forecast. It’s based on the Forecast Standard Deviation (FSD), the statistical measure that represents how accurate the AVM value falls within a statistical range of the actual market value, measured against a sales price.|
|Comparables are pulled from Freddie’s robust database of property data. Gain confidence in comparable selection by comparing characteristics to the subject property.|
|Understand proximity of the comparables selected to the subject property.|
Use Calibrator to measure the risk that your value exceeds the actual market by at least 10% to:
- Match the level of underwriting review to the risk identified.
- Identify potential appraisal outliers prior to funding.
- Prioritize workflow.
- Streamline quality control sampling methodology.
- Improve assessment of valuation quality by identifying production at channel or branch level.